Ironic coming from a website like fstoppers. What exactly is the "value" of fine art photography ? Why do people pay exorbitant amounts for basically a few hours of photos during their wedding, given that a wedding might end up divorce ?
People pay for whatever has "intrinsic" value to them. If Digitally generated/cryptographic art is it, so be it.
People definitely aren't paying a lot for wedding photography because they think they can resell their wedding photos later for much more than they paid for the photography. And if they were, we'd think they were making a pretty strange mistake. Instead, they actually want the photography to exist that wouldn't otherwise exist if someone didn't make it.
Everything is valued economically at whatever people will pay for it. But true value is independent of the price. Van Gogh sold almost nothing in his short 10 years of producing and killed himself because he thought he had no value and didn't want to burden his brother (he had some mental issues of course). Now his art is priceless. Value changes over time, things that people truly love will go up over time, things that have no real "value" will go away. Most of the "art" NFT's I've seen have no real appeal beyond a few minutes; I would happily take the money though if people offered it, but not feel any real value was traded for it, so it would seem less than rewarding other than the money.
> Why do people pay exorbitant amounts for basically a few hours of photos during their wedding, given that a wedding might end up divorce?
That's about the worst example of people paying more for something than it is intrinsically worth that you could have come up with! People pay lots for wedding photographs because they want good photos, you're paying for an entire day of a skilled person's time - actually more because they usually edit the photos and produce some kind of photo book - and because there's high demand for wedding photographers.
People don't pay lots because of price speculation for their wedding photos!
A better example would be modern art, or maybe MTG cards.
Pretty bad example. A wedding photo has intrinsic value mostly to the people who pay for it and has about 0 value to about everyone else. (There is a small group of friends and family for whom it as some, lower value.)
Most NFTs don't have much intrinsic value to anyone specifically apart from the belief that it has value to others and thus it can be sold (i.e. converted back to money).
