Blockspace as a Veblen Good A Veblen good has a counterintuitive property: the higher the price, the stronger its appeal can become. Because price is not only a cost. It is also a signal: scarcity, status, access, and one’s position in a particular moment of history. Many revolutionary technologies began as luxuries. Mechanical clocks in the 14th century were expensive to build and maintain, accessible only to the wealthy and powerful institutions. Centuries later, pendulum clocks made timekeeping more precise, scalable, and eventually ordinary. Early automobiles were toys of the rich. Electricity, in its early days, was itself a social signal. Only after electrification spread did these luxuries become part of everyday life. Today, blockspace, especially Ethereum mainnet blockspace, carries a similar luxury-like quality. In theory, it is open to every onchain user. But during gas spikes, getting included in a block becomes a signal of payment capacity, urgency, and priority. A high-gas block is not just another block. It is a slice of onchain time where demand was most concentrated, competition was most intense, and access was most expensive. If blockspace is the Veblen good of the digital age, then ETH burn is the price trace it leaves behind. This is what eNAT tries to capture. Each eNAT corresponds to one Ethereum block. Its embedded burn equals the real amount of ETH destroyed by that block. High-burn blocks represent the most expensive blockspace of the past. bENAT turns that burn into fungible, tradable, and consumable units. More importantly, minting future blocks also requires consuming bENAT. This means eNAT is not merely a way to collect historical blocks. It creates a blockspace flywheel: the most expensive blockspace of the past settles into eNAT / bENAT; bENAT then becomes the fuel used to compete for future blocks. The luxury of blockspace no longer lives only inside a gas bill. It can be captured, circulated, priced, and used again in the next round of blockspace competition. eNAT turns the expensive moments of Ethereum blockspace into digital matter, then turns that digital matter into fuel for minting the future.