Nothing Phone 1: why people are willing to pay thousands for an unknown smartphone

Startup brand Nothing is set to release its first-ever smartphone – the Nothing Phone (1) – in July, and yet this week, fans showed their willingness to pay thousands more than the expected price tag, after 100 devices were auctioned off before launch.

But why, at a time of rising cost of living and a battered economy, why are people so willing to overpay for what is expected to be basically a capable mid-range smartphone, the full specs and features of which the company has not fully released? ?

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