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In the Digital World, What Does “Scarcity” Mean?

For a digital artwork like Beeple’s Everydays, which sold for over $69 million, a number of methods are used to prevent copying, thus ensuring uniqueness

Introduction: At Expensivity, Bernard Fickser explains that a non-fungible token (NFT) is a unique token in cryptography that represents, say, real estate or art rather than money. Because the tokens have unique identities (non-fungible), they can be bought or sold while reducing the risk of fraud. So how do they work?: The series is called How Non-Fungible Tokens Work: NFTs Explained, Debunked, and Legitimized (July 30, 2021). In Part 5, we look at how scarcity, central to the economic value of works of art, can be created in the digital world, where copying is generally quite easy: 5 Digital Scarcity When jumping into the world of NFTs, one finds a certain breathless awe in the face of blockchain technology. One…