How some NFTs are worth $1,000,000
Why will you pay $1,000,000 for a piece of digital art of which anyone can have an identical copy of?
Let me explain a common refute to NFTs
Why will you pay $1,000,000 for a piece of digital art of which anyone can have an identical copy of?
This is because of many reasons but for one to pay such significant amount of money for an item proves it has that significance of value in that moment of time to that person because obviously a person paid that much for that piece of digital art.
Art is a relationship just like all things in my opinion so in a relationship value is derived from all people & things apart of that relationship.
Buying an NFT for $1,000,000 proves 4 things
it proves the buyer values that NFT more than it values $1,000,000 basically saying its worth more than $1,000,000 in that moment in time to them
it proves the buyer owns that NFT in that moment in time until it sells the NFT and bought it for $1,000,000
it proves the seller values $1,000,000 more than it values that NFT basically saying its worth more than that NFT in that moment in time to them
it proves the seller sold that NFT in that moment in time and sold it for $1,000,000
The proof of these four things and what you can do with the proof of these four things is where majority of an NFT value is derived.
Before NFTs an artist’s art to the artist was the expression of perception but too it's viewer it was the perception of expression.
Thanks to NFTs an artist art to the artist is the expression of perception but too it's viewer it is the perception of rights, proof & expression.
Making in my opinion anything that is an NFT have the potential to be more valuable than anything in real life when the perception of those 3 things are high enough.
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DISCLAIMER: This is not financial advice in anyway shape or form everything said in this substack is my documentation of my current opinion and is subject to change without telling you guys. Also if you guys think anything said in this substack is inaccurate let me know so my opinion can be more accurate. Also I own NFTs check them out here
Nice post Mya! Great work. The market determines the price of things including NFTs!