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Nerds will reply by saying: “they do because of the technology behind them, because of the blockchain.”
Info marketers and such will say: “they do because of the community.”
Many others don’t know and say: “they do because they are future, just like the www.”
The answer is actually very easy and lies in the very concept of VALUE.
How do we evaluate things? That is to say, how do we put a price on something? This is in general a very complex topic, not only in the managing/marketing fields.
In marketing books, we can find all kinds of opinions on the topic, given by different professionals. In fact, value is in all the following statements:
- an economist will say that scarcity is what gives value to something.
- a philosopher can claim that value is determined by what is good and what is bad.
- a marketing guru can suggest that value is derived from the feeling someone experiences when buying something.
- other criteria include quality, cultural trends, and utility.
If we’re being very cynical, we can say the following:
- the value of something is what an open market is willing to pay for it. Period.
The value of an oil painting, of a signed baseball card, of a rusty vintage car… is potentially the same of a Bored Ape, and therefore of an NFT, with the difference that NFTs are trackable and have a floor price. Also, you are certain that your NFT is the only one in existence, which is certified on the blockchain.
I, too, would never buy a British Guiana Magenta for 9 million dollars… not even if I had the money to do it… and yet!