Saved by Supritha S and
Speculation is the new luxury good
Scarcity and authenticity are powerful, and not always forces for good. Our instinctual craving for scarce sugar and fat has produced an obesity crisis, but we aren’t going to throw out the industrial food system and live off the land. Amidst the scams and bubbles, credible scarcity and authenticity will unlock real value in digital markets.
Scott Galloway • NFT Unpack
Someone who wastes time and money on expensive luxury goods and hobbies sends an unambiguous signal: I have the wealth to afford these pointless things. I am an elite. In such cases, even fundamental laws of supply and demand break down. The high price of a luxury product is the point. If it becomes cheaper, people will buy less of it.
A Rolex doesn’t tell time any better than a Timex. That’s not the point. People will expend huge amounts of money and energy to send Social Signals. A Gucci handbag doesn’t carry items any better than a JanSport backpack, and a Porsche 911 won’t (legally) get you from point A to point B any faster than a Honda Civic. “Luxury” items can cost many ti
... See moreJosh Kaufman • The Personal MBA: A World-Class Business Education in a Single Volume
Desirability of something is today decoupled from its price, and its access is decoupled from wealth. Instead, it’s coupled with social capital, environmental creds, cultural savviness, a story, belonging, and its transformative potential to make us better humans.