This is my biggest problem with NFTs. I actually see value in the tech for things like central planning if they can ever find a way to reduce the environmental costs, but creating artificially scarce digital goods is the dumbest possible use case. Art - as in, the creative pursuit - is dope, but art under international finance capitalism is one of the biggest grifts of all time.
Who in their right mind would pay $1M for an internet meme that will be stale by the time their transaction completes? Who would pay $10M for a painting when you could make a high-res scan at your local print and copy shop for whatever crumpled bills you have in your pocket? The "value creation" comes exclusively from its use as an instrument for laundering large sums of money.
This is my biggest problem with NFTs. I actually see value in the tech for things like central planning if they can ever find a way to reduce the environmental costs, but creating artificially scarce digital goods is the dumbest possible use case. Art - as in, the creative pursuit - is dope, but art under international finance capitalism is one of the biggest grifts of all time.
Who in their right mind would pay $1M for an internet meme that will be stale by the time their transaction completes? Who would pay $10M for a painting when you could make a high-res scan at your local print and copy shop for whatever crumpled bills you have in your pocket? The "value creation" comes exclusively from its use as an instrument for laundering large sums of money.