CryptoPunks, BAYC etc. which are sold sometimes for millions of dollars really puzzles me. It is like never-ending Ponzi scheme where the next acquirer is hoping to find somebody else to buy an asset for more until it makes no sense at all.
So far I can understand NFTs as unique items in a game. Sure, a magic sword, diamond shield or invisibility potion. But let's take CryptoPunks for example. Millions of dollars based on speculation, nothing else. First limited NFTs - hype. As a work of art? But the only thing you get is a right to be "officially" tracked as an owner of the asset. Anybody can save the picture and admire it as it is. Yes, many platforms were built to create a market around NFTs by partitioning them into shards and trading as in ASX or NASDAQ, however everything is based on a hype again. And every time some cool NFT project comes up with what looks like a utilisation, if you drill all the way down - there is none. It is like building a skyscraper on a wooden flimsy foundation.
We are yet to see a real utilisation of NFTs, and surely while nobody prohibits people from flipping crazy amounts on them, it is just a note be aware of their insane volatility.