Still, to the masses, art is kind of silly. But great to look at. NFT or not, it's all kind of silly. Although I do understand how it works, I've felt this way about the art world for decades.
Yadda, yadda, yadda... What you describe with lengthy sentences that are supposed to sound fancy ("sign value"), is the centuries old concept of nothing else than status symbols. And NFT's contribute nothing to "sign value", because noone cares if you can verify your ownership via blockchain. I can just as well use the same silly combination of colourful pixels as my avatar as can the "original owner". And by that, the whole idea is moot.
But you are right when you describe NFT's as a (quote) "general economy of “expenditure, giving, sacrifice, and destruction". If that is the whole point, then yes, that is very much achieved every time money is spent in that "ecosystem". However, in that case you cannot call it an investment, because it is against the nature of an investment to "sacrifice" and "destruct".
Still, to the masses, art is kind of silly. But great to look at. NFT or not, it's all kind of silly. Although I do understand how it works, I've felt this way about the art world for decades.
true. NFTs are like Blue Check Marks for jpegs.
Yadda, yadda, yadda... What you describe with lengthy sentences that are supposed to sound fancy ("sign value"), is the centuries old concept of nothing else than status symbols. And NFT's contribute nothing to "sign value", because noone cares if you can verify your ownership via blockchain. I can just as well use the same silly combination of colourful pixels as my avatar as can the "original owner". And by that, the whole idea is moot.
But you are right when you describe NFT's as a (quote) "general economy of “expenditure, giving, sacrifice, and destruction". If that is the whole point, then yes, that is very much achieved every time money is spent in that "ecosystem". However, in that case you cannot call it an investment, because it is against the nature of an investment to "sacrifice" and "destruct".