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> You can't buy and sell the same item to yourself at an auction multiple times You don't have to; you get someone else to buy it, hold onto it for a few years, then sell it again on a different auction. It doesn't have to be short-term. > Also, the value is in the art, not the receipt. I would argue the value is not in the art in real life either, that is, it's not the artwork itself, but the 'object', its history, what people have paid for it in the past and how it increased in value over time. The main thing is that it has to be rare or one of a kind. I mean more understandable is expensive, collectable whiskeys. They make a limited batch, say 100 bottles, sell it for $100 each. Ten years later, 90% of those bottles have been opened and drank, another 10% of the remainder was lost or broken, leaving you with nine bottles of a once-and-never-again rare batch. Collectors will pay more for it. Anyway, NFT's, like cryptocurrencies, are investment products whose value is determined entirely by whatever a buyer pays for it. |
This is actually a really important nuance. NFTs/crypto have a really short turnaround time - which means they can run the scam much quicker and at massive scale.