The exception to the cash flow argument, if you’re willing to stretch the definition of “collectible” a bit, are rare items that can be used to generate revenue

The exception to the cash flow argument, if you’re willing to stretch the definition of “collectible” a bit, are rare items that can be used to generate revenue by skilled artists/artisans who might be willing to pay a premium to rent the collectible. I’m thinking things like Stradavarius violins. There are NFT projects that are trying to operate in this way. That NFT game that recently got robbed is one example. Players are apparently being staked by investors who are loaning them valuable characters. People trying to license their NFTs for use in media are another. I don’t think any of this will work for NFTs, mind you.