The answer might be that NFTs bring status signaling and social capital online at a global scale
. You are signaling that you are in the group that knows. The same way you are in the group that knows when you buy a special kind of watch. That doesn’t mean that the watch doesn’t have great value. A mechanical clock is undoubtedly a marvel of engineering, but creating 10 000 unique crypto punks is also kind of a marvel of engineering.
Another reason might be that this is a new speculative asset where human psychology is all that matters. In other words, people are getting paid for knowing what’s soon-to-be cool
. There might be an investment upside for some, but in my mind buying a jpeg of a crypto-punk for millions of dollars still seems batshit crazy… (considering every designer, know that this should have been exported as a png or gif! 😆)