Exactly this. The same as money, its just a mental construct that people believe in.
Discussion
Well you can identify money like gold with the senses
The value is abstract though
Correct but the gold physically exists in the world. It is real, not an imaginary construct.
I'd add that value isn't abstract, it's real, but subjective.
Value is subjective but it doesnβt physically exist in the real world so itβs a social construct.
But the value people put to it is. All money is.