Value in collectibles is driven by rarity, and true rarity is ... rare. This is by design. But when Beeple and groups like the Bored Ape Yacht Club started raking in multi-millions from JPEGs and GIFs, everyone and her dog piled into the NFT market.
The result is a glut: too many pieces of digital “art” chasing too few digital coins and too few “greater fools.”
None of this means that NFTs are doomed forever or that cryptocurrency is a failure. There is a scenario under which — after the boom, and after the bust — digital means of owning, managing, and transacting property become long-term meaningful.after interviewing Rarible chief product officer Alex Salnikov, digital living incorporates digital property which requires digital currency:
Because the reality is that increasingly, reality is virtual. Or at least digital. We consume digital entertainment via Netflix, digital music via Spotify; we engage in digital battles on Fortnite; we win virtual wars on our smartphones; we meet others digitally via Zoom; we work digitally on laptops in homes with Google Docs on virtual hard drives; we outsource our memories to search engines.
As this evolving metaverse grows up around us and our reality becomes even more digital, there is an increasing need to represent rights of access, rights of ownership, and rights of use.
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