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And minus the "merch" bit since you don't actually get anything tangible.

It's still limited edition in that there's only one first minting of an NFT, and with the blockchain you can tell whose is which.

Anybody producing real world „limited edition“ merch could in theory produce it again, so this is no different here.

I guess it‘s some form of „trust“ between the issuer and the buyer.

Or the 2nd NFT wouldn‘t be as memey anymore and thus not worth as much.

(It would probably be worth more the first time in reality, since issuing an NFT twice is not „supposed to happen“, so there would be some novelty to it, and I guess novelty is part of what drives the prices. See also Banksy‘s image that actually increased in value after it got publicly shredded by a built-in mechanism after being auctioned off.)