Veblen argued that economies are driven not just by equations, but by human nature's desire for social status. He identified conspicuous consumption and conspicuous leisure as ways the wealthy display their position. This concept remains relevant today, as seen in the pricing strategies of companies like AAPL and LVMH. Consumers, influenced by social pressures, may be willing to pay a premium for brands that signify status.
The rise of cryptocurrency offers even starker examples. Consider BAYC. While their initial "first mover" advantage offered them a strong brand, their business decisions failed to create a lasting moat of exclusivity. This lack of a strong brand narrative around BAYC ownership ultimately led to a decline in value. Veblen's concept is further reflected in the emergence of Veblen goods on the Bitcoin blockchain, like ordinals and BRC20s. These protocols, similar to how jewelry adorns gold, add a layer of personalization and perceived value to the underlying asset
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