They said traditional collectors had started looking at collecting NFT's as collectable art. It was known at the time this was the first time they came up for a

They said traditional collectors had started looking at collecting NFT's as collectable art. It was known at the time this was the first time they came up for auction, so the idea that collectors were already collecting them is a liberal twisting of the words. Seeing something viable for collecting is not the same as saying this lot came from a collector. Besides, collectors (namely celebrities who also bought in on the exact same hype) did start collecting them. It's a lost investment for all of them, because it was a stupid idea to think of it as an art collection right from the start. In the end Sotheby's doesn't decide what is valuable art - the bidders themselves do. And you know their initial valuation wasn't so far off the mark, because lots of NFT purchases outside that lot were right there in the same pocket, and the hype that it was going to go through the roof was absolutely everywhere. It makes sense to also note that people who bought NFT's that were based on physical objects (rare record albums, for example) are mostly all failing and flailing as well. The only people truly succeeding with NFT's are the ones that saw it as an ideal way to launder money. It worked very well for them.