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The Evolution of Status Symbol: NFTs, The Veblen Goods of Today

According to Wikipedia, status symbol is a visible, external symbol of one’s social position, an indicator of economic or social status. It also indicates the cultural values of a society or a subculture. For example, in a commercial society, having money or wealth and things that can be bought by wealth, such as cars, houses, or fine clothing, are considered status symbols.
 
Thorstein Veblen, an economist and sociologist during the gilded age, coined the term “conspicuous consumption” in 1899 and used it to refer to rich people flaunting their wealth through excessive spending.
 
Veblen’s theories created the concept of a Veblen good. A Veblen good is a type of luxury good for which the demand for a good, increases as the price increases, in apparent contradiction of the law of demand, resulting in an upward-sloping demand curve.
 
As society matures and becomes more sophisticated, so too has conspicuous consumption increasingly becoming deeply embedded in the texture of capitalism.
 
With the invent of non-fungible tokens (NFTs), the Veblen Goods of today are of stark distinction from the yesteryears.
 
Collezione Genesi with UNXD
Marketplace – (Auction closed, lowest price at over USD 400,000) https://lnkd.in/gAP4Y4fj
 
Shiboshis from SHIBA INU Token
Marketplace – (lowest price at post, USD 5,000) https://lnkd.in/ggYNYPcn
 
Bored Ape Yacht Club (BAYC) – https://lnkd.in/d4Fvepw
Marketplace – (lowest price at post, over USD 1 million) https://lnkd.in/g7XVF4p6
 
Beeple NFT collection – https://lnkd.in/g36EU3E
Marketplace – (lowest price at post, USD 70,000) https://lnkd.in/gdgskCK6


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