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NFTs May Have Become Society’s Newest Status Symbols


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Throughout history, humans have found new objects to represent status. While these items reflected the sociocultural dynamics of their respective eras, their defining qualities have remained largely the same.

A status symbol must be rare, or at least project a perception of artificial scarcity. It must be associated with members of a particular class, such that possessing one confers status on the owner. Lastly, there must be some cost associated with securing ownership of the status symbol.

When all these qualities combine in one object, it becomes a status symbol. Of course, culture has some influence on what is a status symbol and what is not. An object may be rare, associated with a group, and difficult to acquire, but command no status—because the people don’t think of it as a symbol.

Without turning this into a history lesson, humans have had pretty fascinating objects as status symbols:

The ancient citizens of Romans associated purple linen with the empire’s affluent families. Similarly, ancient Asian civilizations considered jewelry, especially jade and pearl, as the exclusive preserve of the upper classes.

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Ancient Romans considered purple clothing a symbol of royalty. 

Status symbols always change in value according to the prevailing trends in culture and technology. For example, owning large collections of books handwritten by scribes was a status marker in medieval societies. However, the invention of the printing press made books easier to produce, leading to a drop in the value of those dusty tomes.

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The information contained in this post is for general information purposes only. The information with the title NFTs May Have Become Society's Newest Status Symbols was provided by one of our contributing author on TmZ.NG, and while we endeavor to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the post for any purpose.

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