Scarcity doesn’t create value, utility does

t(𝚫) | privacy advocate | censorship-resistance maximalist | writing about tokenomics and related topics since 2017 on www.eatsleepcrypto.com

Money, to a degree

But that’s the nature of money - it’s the one thing that is allowed to lack intrinsic value

With everything? Where does this not apply

It actually does

The market cap of a token with infinite supply remains unchanged if that supply becomes bounded

Each of those tokens command a non-zero price, unless the token is a utility token (1 token = 1 action in the protocol)