Non-fungible tokens are currently a major topic of discussion within the crypto space with creators and collectors alike jumping on the bandwagon.
With all that said, I’m willing to be proven wrong. I created a unique NFT with my profile pic. It cost me nothing (well except for the ridiculous ETH gas fee) and no effort at all. Prove me wrong and show me that this has value: https://t.co/ucmu8KB1Us
— Charlie Lee [LTC⚡] (@SatoshiLite) February 15, 2021
According to Lee, artists in the real world are constrained by time and effort, likening this limitation to proof-of-work. For Lee, this restriction creates scarcity and therefore value for art pieces created by famous artists.
“NFTs, on the other hand, create artificial scarcity,” Lee tweeted, adding, “Because of the near zero cost