Re:Grumpy Cat NFT sold for nearly $80K
by rusk on Wednesday March 17, 2021 @07:06AM
(#26489346)
Isn’t this about bolstering the network around whatever crypto n/w is serving this? The idea is to bootstrap a digital artefacts market I guess and one a lot of people start trading them the value on the network overall goes up and somebody makes big bucks. These shock and awe purchases are just designed to draw people’s interest and drum up a bubble of activity. The immediate beneficiaries are lucky guys indeed, but the “investors” must be half-wits if they don’t realise that just about anyone can see these artefacts are immediately and perfectly reproducible.
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Most of the value in digital assets comes from creator reputation. This scarcity is what drives up the price.
It's not a coincidence that the most expensive NFTs are linked to a celebrity, meme or established artist.