Do NFTs have any intrinsic value?
Why Do NFTs Have Value? According to the brilliant Roko Mijic: “The dollar ($) is valuable because of the institutions built around it, not because of the money supply.
What #crypto is gradually finding that functional institutions are the real moat, the real value.”
People are finding out that property rights come from cops and courts, not distributed hash tables.
Moreover, more specifically, mutual defense networks which provide their members freedoms, the violations of which are reliably prosecuted. In addition, drug cartel members have a lot of freedom. Any group with enough firepower produces the phenomenon of “individual rights” by that threat to its violators.
Furthermore, many people just don’t trust assets or currencies not backed by military power.
It is the state which gives value to any currency or backs the criminal prosecution of theft in society.
In conclusion, it is very difficult for an artist to enforce his or her artwork in the digital collectible world. Furthermore, any piece of digital art is ripe for the taking. As a result, of an easy method of thievery, screenshots, enforcing rights on your Non Fungible Token will be tough in today’s world.
Lastly, in regards to the question as to whether or not an NFT has an intrinsic value. Well, value comes down to what people are willing to pay, and currently people are willing to pay a lot for this asset class. But, the question is will the bids continue on for years to come?