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