Asia Broadband Inc (AABB)

[pothen]

How is an NFT backed by gold when you don't know how much gold a company actually owns?

For AABBG coins, you can say there are a limited amount of coins minted, and those coins have a specific amount of gold backing them. And therefore as gold goes up, the coin price goes up.

But the idea of the NFT is that it's supposed to increase in value over time with momentum and supply and demand, not based on how much gold you own, or by the price of gold.
In other words, you would need an excess of gold to back any major increase in the price of the NFT. The NFT value should lead the gold, (the price of the NFT should not be dictated by the amount of gold you own). With the latter, you would, in essence, be limiting the upside of the value of any NFT if you have limited gold.

If the coins were minted based on the gold that was already in possession by the company, where is the other gold coming from to back the NFTs?? We have not received any updates on actual gold being mined from any of the recent acquisitions.

None of this is adding up for me, so any thoughts, explanations, or assumptions are welcome for discussion.