The only explanation for NFTs that made sense to me is that people with an interest in the network (e.g. early investors) are bidding up some choice NFTs to make news and drive interest in their network. There is no actual market for NFTs at these prices, but that doesn't stop groups with deep pockets from pretending like there is by purchasing well known memes for eye popping amounts. If internet "celebrities" are a…
The real market would be owning early works by an unknown, who later becomes known.
That will evolve into the patron system again, where the owner of early works becomes a hype machine to drum up their artists clout, and then offloads their early work.