Crypto Punks are scarce because there is a finite and fixed supply; and yes, there will probably only ever be 5,200 Crypto Dickbutts. But the amount of things you can speculate on in crypto is ever increasing and theoretically interminable. More specifically, the infinity-billion dollars in risk-seeking capital are not entirely dedicated to buying the bags of crypto OGs.
There is ample dilution in the destinations for new dollars into crypto. It is more prominent in a bull market — particularly towards the thrill-stages, when long-term value theses seem to retreat from the cognition of money managers that recently discovered themselves to be geniuses. https://cobie.substack.com/p/tokens-in-the-attention-economy
