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... There’s a thing called “conspicuous consumption”, and it’s apparently old as the hills (are there any pol sci people here who actually know this stuff and c

... There’s a thing called “conspicuous consumption”, and it’s apparently old as the hills (are there any pol sci people here who actually know this stuff and can tell me I got everything backwards?). That NFTs are indeed it is a good point and I appreciate the insight, but in view of the aforementioned hills the remaining commentary about modern first-world humans seems unfounded.

ZeroGravitas 5y ago
https://standardebooks.org/ebooks/thorstein-veblen/the-theory-of-the-leisure-class https://standardebooks.org/ebooks/thorstein-veblen/the-theor... Book that introduced the phrase.
killtimeatwork 5y ago
I'm not sure it's conspicuous consumption. Cases of recent pure conspicuous consumption in the tech world, such as the "diamond app" (an iOS app that displays a diamond and costs couple thousand dollars) didn't really catch on that much. I think what's really driving NFTs is: 1. Speculation. People just see it as another asset class that can be blown up and sold to the greater fool. 2. Artists trying to monetize their digital work this way. Up until NFTs arrived, digital art had very little market value (due to ability to make indistinguishable copies of the original at zero cost). Some artists hope that the NFTs will be the vehicle which allows them to cash on their digital work. 3. Money laundering and similar usual suspects.
jerf 5y ago
I think you're right that that is a related concept, but I don't think it makes this uninteresting, I think it is perhaps exactly why it's interesting. It is precisely that it isn't "conspicuous consumption"... it's conspicuous, but it isn't consumption. The NFT "owners" are bothered because they've engaged in this conspicuous consumption, but then aren't reaping the benefits they expected because the thing wasn't consumed. They consumed the thing, but what's this, so are other people! That's not part of the deal! I think you've sharpened the interestingness, not removed it.
- ryandvm 5y ago
  It's more like certified consumption. Unfortunately nobody but people drinking the NFT Kool Aid give a shit about the certification. That must be utterly frustrating.

ZeroGravitas 5y ago

https://standardebooks.org/ebooks/thorstein-veblen/the-theory-of-the-leisure-class https://standardebooks.org/ebooks/thorstein-veblen/the-theor... Book that introduced the phrase.

killtimeatwork 5y ago

I'm not sure it's conspicuous consumption. Cases of recent pure conspicuous consumption in the tech world, such as the "diamond app" (an iOS app that displays a diamond and costs couple thousand dollars) didn't really catch on that much. I think what's really driving NFTs is: 1. Speculation. People just see it as another asset class that can be blown up and sold to the greater fool. 2. Artists trying to monetize their digital work this way. Up until NFTs arrived, digital art had very little market value (due to ability to make indistinguishable copies of the original at zero cost). Some artists hope that the NFTs will be the vehicle which allows them to cash on their digital work. 3. Money laundering and similar usual suspects.

jerf 5y ago

I think you're right that that is a related concept, but I don't think it makes this uninteresting, I think it is perhaps exactly why it's interesting. It is precisely that it isn't "conspicuous consumption"... it's conspicuous, but it isn't consumption. The NFT "owners" are bothered because they've engaged in this conspicuous consumption, but then aren't reaping the benefits they expected because the thing wasn't consumed. They consumed the thing, but what's this, so are other people! That's not part of the deal! I think you've sharpened the interestingness, not removed it.

ryandvm 5y ago
It's more like certified consumption. Unfortunately nobody but people drinking the NFT Kool Aid give a shit about the certification. That must be utterly frustrating.