A recent NFT (non-fungible token) boom has a lot of people scratching their heads over why someone would pay over a million dollars for a digital art file that can be easily replicated by right-clicking “Save as.” But NFT enthusiasts are willing to pay ridiculous amounts for the artwork because they have a certificate of digital ownership that cannot be replicated.
Much like a piece of physical artwork such as painting, you can create a replica of an NFT but there are a limited number of originals. This has ushered in a new era where digital assets can now possess the type of scarcity usually attributed to physical objects.
This new form of manufactured scarcity seems to many as another way for powerful people to claim ownership over things that are shared by the general public.
“Sure, you can enjoy this drawing of an ape,” the NFT owner proudly states. “But I own the ape! It says so on the blockchain.”
In a recent interview with The Verge about how the digital world is slowly encroaching upon real life, “Matrix Resurrections” stars Keanu Reeves and Carrie-Anne Moss were asked by Alex Heath about the notion of digital scarcity. The question made Reeves lose composure and he let out a large cackle, exclaiming “They’re easily reproduced.”
