[lanstin]

Isn’t scarcity relative to demand? I mean each cubic meter of soil is globally unique, but no one cares. And, in the long term, demand plausibly has a relation to utility?

I do speculate that part of the appeal of a non-loan/investment based store of value to very rich people is that hey wish they could keep all their wealth in a vehicle that didn’t involve investing in the overall good of society, but that is a childish wish - wealth is inextricably linked with the prosperity of the society in which it is enmeshed. A billionaire in a society ravaged by disease, hunger, and conflict, shorn of the comforts of science and technology, will be poorer by far, in terms of objective measures, than a billionaire in a society where the people are educated and science and medicine are widely available, especially over he generations.

[scotty79]

It's related to the demand. That's why unique things might not be scarce especially when there's a lot similar things.

That's why NFTs are not scarce even though they are unique.

Personally I would also wish that billionaires kept their wealth in things unrelated to the real world. Because when they put it in the real world they hike up the price for everybody by creating illusion of demand that really isn't there because they won't use what they bought.