Scarcity can support existing value - e.g. in creating a Gold Standard or some other means to artificially limit money supply - but it is not an intrinsic value

Scarcity can support existing value - e.g. in creating a Gold Standard or some other means to artificially limit money supply - but it is not an intrinsic value. There are countless things that are both scarce and valueless. I believe your last two sentences hit the nail on the head (albeit being oxymoronic). Things have value because people are willing to pay for them. That's it. If companies can be traded below book value, Tesla can be worth more than the next five automakers combined and NFTs can cost six digits there seems to be no intrinsic value.