sari

It’s fair to look at something like a CryptoPunk and ask why it costs so much. But it’s also worth looking at sneakers and asking why they cost so much. It cost $5 dollars to make the shoe, so the rest of the value comes from signaling based on the shoe’s rarity and the narrative told around the shoe.

In The Economics of Superstars, Sherwin Rosen calls these “joint consumption technologies” — tools that enable a single seller to reach an unlimited number of customers at a very low (marginal) cost. These technologies introduced new benefits for consumers and new economies of scale for performers. The price of entertainment dropped since it was no... See more