[vanusa]

You're buying an entry on the blockchain and the scarcity of that is real.

Except that unlike the original object, or even a replica, "an entry on the blockchain" has -- no intrinsic value whatsoever. It's basically like you're buying the rights to a "Like" on that painting, or trading card, or whatever. Nothing more.

My hunch though is that 90 percent of the people buying these things are utterly oblivious to this distinction. And that, plus "it's new" and "it's value is just going to keep skyrocketing" is essentially what is driving the NFT "market" as such.

[Kiro]

I don't claim it has intrinsic value (what has?) but it's still scarce. There's one entry on the blockchain and it's unique, even if it's just a number and a trace to the original wallet.

I also don't disagree with your second paragraph.

[vanusa]

I don't claim it has intrinsic value (what has?)

Gosh, I don't know -- a loaf of bread? A shiny new car?

Do you understand the meaning of the word, actually?

But it's still scarce.

So what?

[Kiro]

Why the attitude? I'm responding to a post saying it is not actually scarce and explaining why I think it is. I'm not arguing for NFTs, but even if I did I don't think it warrants such a snarky response.

Anyway, my point with that parentheses was that there are a lot of things that has no intrinsic value but still has value on the market.

[vanusa]

Why the attitude?

I didn't mean to come across with attitude.

Only that your question about intrinsic value seemed rather .. weird.

My point with that parentheses was that there are a lot of things that has no intrinsic value but still has value on the market.

Can you provide some examples, please?

I can think of plenty of market assets which have what we might say is slightly abstract kind of value -- "brands", naming rights to stadiums, etc -- but still, it's pretty straightforward to see the intrinsic utility they provide, and that this easily translates to dollars.

With NFTs though -- there just isn't it any. Other than to sell to the next sucker in line.

EDIT: Wait, I can think of one asset class that compares to NFTs: signed sports memorabilia. Which of course have crap resale value (except for items signed by ancient players like Joe Dimaggio). But the modern versions team franchises regularly crank out -- not so much.