Exactly. People have this idea that because NFTs are selling for $10M some moron must think that particular NFT is worth $10M and have spent $10M to buy it - p

Exactly. People have this idea that because NFTs are selling for $10M some moron must think that particular NFT is worth $10M and have spent $10M to buy it - presumably thinking it will be worth even more in the future and s/he can sell for a profit. What an idiot, most people think... However, it could just be that people are buying NFTs from themselves (like CryptoKitties) for massive sums, to attract the interest of get-rich-quick retail investors to spend ~$100 dollars on NFTs - just in case they're suddenly worth $10M a piece in a month. FOMO. It's not like retail investors investing millions of dollars into NFTs. They don't have millions of dollars in the first place!