Artificial scarcity works pretty well in the physical world. See limited edition products: cars, sneakers, books, collectable card games like Pokemon, Magic, Yugioh, limited print runs of art pieces…
I would argue that value is based on some sort of emotional measurement. The idea that a mass produced good, that is a physical item.. is only valuable because of the ability to hold it and the emotion behind it.
whether or not digital good carry that same weight, is left to be seen.
Value is the scarcity not the physical support.
edit: pressed publish too quickly