Of course yes it is - its less valuable after it is created because copying it costs nothing.
Valuing a work above the creation cost of the work is what the art world certainly does, but replicas of the art are still valuable for being appealing and taking some work to create - a digital version is appealing but takes so little work to create and store that its hard to justify the rest of the collective delusion.
Adding scarcity to non-scarce things is just stupid.