Simulate “digital scarcity.

in LeoFinancelast year (edited)

Simulate “digital scarcity.




They paid $ 69 million for an NFT work.
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There are many celebrities who now use technology to sell their "art" as an example we see it daily, but now they are using NFTs, NFT means Non Fungible, non-expendable symbolic object, non-expendable means that it is a physical or digital object that it is unique and cannot be exchanged for another, for example; the money is interchangeable if you have a brand new and shiny coin is worth exactly the same as an old and scratched one, and the same happens with cryptocurrencies, a bitcoin is perfectly interchangeable for another bitcoin, but an NFT is not fungible which means that it is unique and its scarcity and uniqueness can be verified through blockchain technology, which is basically an information structure stored in a digital file that you can save in your digital wallet, to verify the fact that you are indeed the owner of That piece of art that you bought very expensive from a Hampartist or an opportunistic celebrity.



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In summary, the NFTs are the way in which we can simulate the scarcity of something that by nature is not scarce in order to be able to speculate with its value, that is, it is the same situation that already existed in the art world, rich people who invest in pieces of art, expecting its value to increase over time, but now expanded to digital media using super-polluting technology in the process.



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This new trend in the world of art for me hit rock bottom when a gray pixel was auctioned for more than a million dollars, I have no words, imagine paying more than a million dollars for the certificate that you own a gray pixel.



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This is good for the art world, no, for the underworld world perhaps, but the average artist who is not as well known is not going to sell his work better and adopting these technologies only makes him contribute unnecessarily to the climate crisis that is unfolding. it comes, fortunately the popularity of the NFT has decreased recently, indicating that it was something that in the stock market was called "Pump-and-dump" where you create exaggerated expectation about something and when you have a lot of people investing in it by your influence, they inflate its value and you sell it enriching yourself at the expense of the unwary who followed you; I don't know but the world is getting a bit murky.





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