Re:NFT projects are just MLMs for tech elites
by agravier on Friday October 01, 2021 @02:47AM
(#28715412)
Yes, the historical and social context, etc, which are subjectively valued. I expect that those who purchase NTF with the hope that they appreciate also count on the value of the token being part of a "limited collection", or being one of the first (an NFT from 2021 becoming a "historically significant" thing due to being one of the first ever produced), or such speculative considerations.
Most paintings don't have (much) value. Behold my latest work, the brown ring of quality... do I hear... 5 cents?
A few paintings have value, primarily due to the fame of the artist or the history of the piece (It hung <place>). Supply is frequently capped by the fact the artist is dead...