NFTs are all the rage right now. But are they actually valuable? - Deepstash
NFTs are all the rage right now. But are they actually valuable?

NFTs are all the rage right now. But are they actually valuable?

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NFTs are all the rage right now. But are they actually valuable?

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Brands are excited about NFTs (non-fungible tokens)

NFTs seem to have entered the mainstream. But the technology remains confusing and inaccessible to normal Americans.

Millions of dollars are poured into this emerging market for digital goods, which has rapidly increased the careers of some independent NFT creators.

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NFTs have no physical or tangible value. The technology of NFTs codifies and enforces a metric of scarcity on a digital file.

  • Functional value (What can I use this for?)**:** Most of the discussion around NFTs is about how you will use the NFTs, show people your cryptocurrency wallet, and your taste in art or music.
  • Hedonic value (How much do I like this thing, in and of itself?)**:** Things that were once treated as interchangeable on the digital space, like a virtual collectable, are existing with the added value of where you got it from.

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Digital scarcity can be seen as a supply and demand phenomenon. The NFT technology gives you the supply, not the demand.

NFTs impose scarcity on something that doesn't naturally have scarcity. The free aspect of the internet means anything you make has zero reproducing value. The NFT technology can change how artists are thinking about their work and how they get paid. While the file remains free and available, somebody may be willing to pay because of where they got it from.

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