Stonks Are What You Can Get Away With: NFTs and Financial Nihilism
&gt; <i>While NFTs are not sure proof of a physical Birkin bag&#x27;s authenticity, they all but ruin the economic incentives of counterfeiting.</i><p>I disagree. It means you get to have your cake and eat it too -- you use and wear out the authentic Birkin bag for years, a bag you got <i>almost for free</i> because you bought a cheap counterfeit and resold it together with the NFT while keeping the original.<p>If anything, it seems like this could <i>increase</i> counterfeiting because this would seem like such an... obvious scam to pull.<p>Indeed, I can even imagine the NFT being resold 10 times, each and every time the person thinking they got an authentic bag, buying a counterfeit and reselling it as authentic... when the only person who kept the actual authentic bag was the one who bought it from Birkin.<p>This is the fundamental problem with NFT&#x27;s as I see it -- there is fundamentally <i>no way</i> to tie it to a physical object. Every owner can always sell a counterfeit and keep the original.<p>So the idea that this &quot;ruins the economic incentives of counterfeiting&quot; doesn&#x27;t seem to hold water <i>at all</i>.