I'd like to defend NFTs from a slightly different angle.
(Leaving aside the carbon emissions - let's assume everyone finally switches to Proof of Stake)
They are stupid. They are pointless. But then so is most of the art world - and going a step forward - so is much of what we value.
As several people have pointed out they are no less arbitrary than a limited edition print vs a commodity print. The value of fine wines escalates exponentially whilst the extra utility you get from any quality improvements trends towards nothing.
Much of what we value is pointless and bordering on delusional. But unless you're a wandering ascetic or superhumanly utilitarian in your consumption (hint - you're probably not even if you think you are) then the difference is one of degree rather than of category.
(Leaving aside the carbon emissions - let's assume everyone finally switches to Proof of Stake)
They are stupid. They are pointless. But then so is most of the art world - and going a step forward - so is much of what we value.
As several people have pointed out they are no less arbitrary than a limited edition print vs a commodity print. The value of fine wines escalates exponentially whilst the extra utility you get from any quality improvements trends towards nothing.
Much of what we value is pointless and bordering on delusional. But unless you're a wandering ascetic or superhumanly utilitarian in your consumption (hint - you're probably not even if you think you are) then the difference is one of degree rather than of category.