Today a majority of NFTs are cute jpegs that have no intrinsic financial value outside their exuberant price tags. The value is placed on them because market participants see them as high status digital goods to flex on social media profiles. This property makes jpeg NFTs Veblen goods. What is a Veblen good? A Veblen good is any item that increases in demand when the price increases. Think of luxury goods like gucci belts & lambos. The more expensive they are, the more of a flex it is to purc...