> Another perspective is that we are watching the real time creation of a new status game. Each individual that would normally drop $50,000 to $1,000,000 to pur

> Another perspective is that we are watching the real time creation of a new status game. Each individual that would normally drop $50,000 to $1,000,000 to purchase a car, watch, house, boat, etc is now realizing that you can spend the same money on a digital good and flex in front of more people on the internet. Only so many friends can check out your house and be impressed. But millions of people a month will see your Twitter avatar. I can't name a single person who spent 5 figures+ on an NFT. Unless twitter or insta create a badge verifying NFT ownership, I don't see how it's a flex. On the other hand, I can take a picture of myself wearing a 100k watch and people will be pretty sure I own that watch. For this reason many people reasonable assume it's mostly money laundering or inside dealing. I could create a series of NFTs and buy them from another account and drive up the prices or launder money. An interesting solution to this would be an NFT market that burns X% of the coins to ensure that there is a significant cost to this behavior. My main issue with NFTs is that when people write about them they obfuscate what is actually being bought and sold. You're not buying a JPG. You're buying a number that some group says is a JPG. Calling it digital property is dishonest, unless that property is a 128 hex number on a particular blockchain that an arbitrary issuer claims is tied to some asset.