I didn't understand either until a friend of mine who makes these explained this to me: NFTs are being used more for social status signaling and as passes to e

I didn't understand either until a friend of mine who makes these explained this to me: NFTs are being used more for social status signaling and as passes to exclusive clubs/parties. For example some celebrities are buying them to signal their eliteness. So their value is not in the art itself, but to convey to others your rank in the pecking order. Think of it like a digital Gucci bag. Besides that, mostly just speculation and money laundering.