Well, in practice the mining subsidy is highly variable, as most miners' costs are in local currency, so fees are already set by the market. But I agree that t

Well, in practice the mining subsidy is highly variable, as most miners' costs are in local currency, so fees are already set by the market. But I agree that the NFT thing is really a side-effect of fees being low (thus, cheap distributed storage) which probably at best provides a price floor, rather than a sustainable source of revenue.