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Is a virtual crypto race car really worth over $100,000?


Lawrence McOchillo

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A crypto user with the handle “09E282” paid over $113,000 in ether tokens for a virtual crypto car secured by a non-fungible token. This shocked many people who have been asking whether a virtual car is worth such a huge sum. Well, to answer this question, we have to go back to the basic principles of economics. The demand and supply of a product largely determine its price. This is why some physical cars cost way more than $100,000 and are regarded as luxury cars, while some used cars cost as low as $2,000. The reason some buyers are willing to pay over $1,000,000 in order to acquire some high-performance cars is because they believe that such cars are valuable. Using this example, it is evident that the pseudonymous user paid the $113,000 for the virtual crypto car because he believes that it is probably worth more than that. The reason many people were shocked is because there are no other examples of a similar purchase in society. However, I believe that over time we’ll see other virtual crypto collectables being bought for more.
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