While this is a solid argument, it fails to ignore one crucial attribute of status symbols: their value depends on public perception. There’s no reason why buying a ‘70 Porsche should cost more than a 2022 model, yet the former will likely cost thousands more on the market.
There may be thousands of NFTs floating around, but some are going to command more value because of their socio-cultural significance. And that makes some NFTs more difficult to acquire than others.
Crypto Punk #5822 sold for 8,000 ETH or $23 million.
With some NFTs selling for millions of dollars, we might as well admit that these items pass the test of ownership costs.
NFTs do not only satisfy requirements for status symbols, but they also reflect the prevailing cultural and technological trends:
First, blockchain technology is among the most popular cutting-edge innovations today. If we assume younger generations associate status with technology, then NFTs—a product of blockchain technology—becoming a status symbol makes sense.
Second, NFTs are digital assets that possess rarity, group associations, and cost of ownership. If we assume that digital worlds have replaced physical communities, then it’s logical that digital assets will connote status, just as physical items connote status in the physical world.
No matter how you look at it, all the signs point to the logical conclusion—that NFTs have become society’s newest symbols.
You may wonder: why are humans enamored with the idea of status? Scientists, sociologists, and philosophers have asked the same question for years, without finding concrete answers.
All we know is that humans have always wanted and found ways to show off their station. And now that the world has moved online, NFTs have become the latest objects in humanity’s endless drive to signal social standing.
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