The best answer is that NFTs are worth as much as stupid rich people with too much money value them. The same is true of all art. I’ve thought about this a lot

The best answer is that NFTs are worth as much as stupid rich people with too much money value them. The same is true of all art. I’ve thought about this a lot, both about NFTs and the modern art market, and that is the best explanation. It’s just stupid rich people and their stupid status signaling games. Wise rich people don’t really do the worthless art thing, except maybe as an investment to diversify with.