What is it that people love so much about authenticity? More and more, in the modern day, there is something special about authenticity and the prestige that comes with it. For a long time, luxury goods like watches, handbags or expensive sneakers have been the torch bearer. Particularly for sneakers, people are very willing to pay a very large premium for something that could be bought with very similar quality and near identical appearance, at a substantially lower price. If the quality is really no different to the AliExpress or Wish.com alternative, why are people willing to pay so much more for the ‘authentic’ version’? Similarly, sneakers that have been worn by athletes for celebrities fetch unbelievable premiums compared to the standard shoe. Despite often being able to buy the shoe at a reasonable price as a general release pair, collectors pay may large multiples just to get the ones worn by someone famous. Hopefully you don’t get them dirty…
Most notably, a recent reincarnation of the peculiar obsession with authenticity is the rise of Non-Fungible Tokens (NFTs). NFTs are basically blockchain verification that certifies a digital asset to be unique and therefore not interchangeable. This is the peak of society’s obsession with authenticity (at least for the moment), as people are willing to pay incredible sums of money just to have a digital recognition of their ownership of an authentic digital asset. With the rise of digital media and art, the role of authenticity in the modern world is changing. It now doesn’t even have to be a real object, it can merely be a line of code — but at least it has a stamp of authenticity. The most peculiar bit of all is that people are willing to pay for things like NFTs when you can have or enjoy the exact same thing for free, on your very own laptop. At least in the past, you would own the only authentic Mona Lisa in the world, and that would have some intrinsic value as no one else in the world could have it in their possession. However, with the infamous ‘Charlie bit my finger video’ or Beeple’s NFT artwork, you could view the exact same thing on your own laptop for free, but people are now willing to pay $761 000 USD or $69 million USD respectively, just to say they have the ‘authentic’, ‘verified’ version on the Internet. Is this just the modern digital evolutionary step from sneakers to digital links? Very possibly. Either way, humans have an unusual appreciation of authenticity.
To some degree, this desire for authenticity remains a mystery, but in some way I believe it revolves around the primal desire to recognised and respected. People who have a true passion for something will always be willing to dish out more money in order to be recognised as the sole authentic owner of something limited and in demand. People want to pay for what they are getting. If that means dishing out lump sums of cash, then so be it. If it is limited, people will do whatever they can to get their hands on it. Then there is the thrill of being rewarded for working hard. If you have worked hard and spent your valuable resources on that new handbag or pair of shoes, you want to know, and often want other to know, that you spent your hard-earned money on the real thing. The rise of the Western Meritocracy has placed an insatiable emphasis on stature symbols as a means of success — all based on the primary idea that wealth translates to merit. Thus is born the competitive culture of spending more, outdoing thy neighbour and leading to the flourishing ‘Buy Now Pay Later’ market that offers status symbols without the wealth. With the rise of inauthentic items replicating the real things almost to the T, it is now more than ever desirable to have a stamp of authenticity. This has spurred the launch of new industries. For example in the luxury sneaker resale industry, many millions of dollars are being made by companies such as StockX, Goat and even now Ebay, just by offering a service that authenticates the limited goods, so you know you are getting what you paid for. Kids are even seen wearing their sneakers with the tags of approval on the shoe, as a way to show they are the real deal. Other luxury brands have followed suit, taking aim at those who try to make a buck from cheap replicas. In January this year, Nike Sued Nearly 600 companies for selling counterfeit sneakers, seeking $133 million USD in damages. While the market for replicas continues to grow, there is something to be said about the growing obsession with the ‘authentic’ stamp of approval.