Arguably Christie's (the auction house) invented the concept of NFT before there were NFTs.
I mean, the value of art may be undervalued by society in general, but paintings that sell for hundreds of millions of dollars is just insane. The art collectors are just using art pieces in the same way crypto folks are using NFTs. The only apparent difference is that there's no physical object for NFTs, but the physical object was never the main value proposition for traditional high value art anyway.
Why insane? An asset with a value that can be arbitrarily manipulated in a plausibly deniable fashion is extraordinary useful for money laundering and tax avoidance.
You're absolutely right, but at least there is some underlying art-intended-as-art there. Just as much of the stock market can be viewed the same way but at least there usually is an underlying company with some value behind the stocks. With NFTs there really is nothing there. It's finance without any art component.
You know there's more to NFTs than Bored Apes, right? Look at the stuff Beeple was doing before NFTs hit the mainstream. NFT was about the art before it became a get rich quick thing. Still is if you ignore Yuga Labs and people like them.
I mean, the value of art may be undervalued by society in general, but paintings that sell for hundreds of millions of dollars is just insane. The art collectors are just using art pieces in the same way crypto folks are using NFTs. The only apparent difference is that there's no physical object for NFTs, but the physical object was never the main value proposition for traditional high value art anyway.