NFTs make sense if you have a pile of volatile currency and you want to hedge that volatility by putting it into an asset with a different volatility profile, w

NFTs make sense if you have a pile of volatile currency and you want to hedge that volatility by putting it into an asset with a different volatility profile, without having to convert it into a transaction that triggers income or capital gains tax. I'd posit the NFT craze is an unintended consequence of cryptocurrency tax policy. The reason people are burning bubble money in NFTs is because it's more fun setting it on fire than taking on the massive accounting risk of reporting their gains. While I don't hold cryptocurrencies for related reasons, if you're guaranteed to lose 35%+ of your chips when you cash them in, it makes no difference if you do something stupid and fun with it. If you have undeclared crypto gains, making it disappear into a hard to value joke NFT is even lower risk. Just like real art.