Remember when NFTs sold for millions of dollars? 95% of the digital collectibles are now probably worthless.::NFTs had a huge bull run two years ago, with billions of dollars per month in trading volume, but now most have crashed to zero, a study found.
akshuallllyyyyyyyy, monetary value of anything is derivative to someone else’s willingness to purchase the item
Sure, but some systems are way more stable since they are established and have the general trust of a lot of people. And others simply don’t have that wide ranging trust and as such aren’t stable.
You can use this logic to explain away any other ponzi scheme too.
It’s not really logic, and I don’t think it’s defending anything, it’s just the definition of monetary worth.
For better or for worse, stuff is always as valuable as people consider it to be. Which may be related to how useful that stuff is, but often is not.