>The background of the artist and the piece's history is what gives it value
That, and the fact that there is only one, it's not digital, and it can be authenticated (and also the artist is dead, so it is guaranteed there won't be any more).
The "value" of an NFT is that there is only one unique occurrance of it in a pile of bits called a blockchain. It is very hard to hang it on a wall.
Web3: not satisfied with the fundamental principle of digital abundance, we invented digital scarcity.
That, and the fact that there is only one, it's not digital, and it can be authenticated (and also the artist is dead, so it is guaranteed there won't be any more).
The "value" of an NFT is that there is only one unique occurrance of it in a pile of bits called a blockchain. It is very hard to hang it on a wall.
Web3: not satisfied with the fundamental principle of digital abundance, we invented digital scarcity.