My theory is, they exist solely for rich people to move and hide their money. All this about “the rights to an image that everyone can see” is a smoke screen.
In the old days, rich people would buy art. “Ooo look, I own the Mona Lisa, ain’t I cool?” Most people didn’t buy masterpieces because they like art, but because it is a good way to park their money. Or launder their money. or create tax write offs. The bonus is, us rubes get to enjoy the art. It is good art, after all.
Well, there are only so many expensive things people can buy, and there are so many more people with questionable money these days, what are they to do? Art can get stolen, damaged, or the market can shift, and all of a sudden you’ve lost money due to forces you can’t control.
What to do?
Well, the idea that that any physical thing has “value equivalency” is a hindrance to rich people. Sure they buy a Ferrari, a mansion, an yacht, a painting, and everyone agrees it has value. These things can always be changed into cold cash fairly easily. As long as you don’t glut the market.
But tastes can change. What if no one like Ferraris, or yachts, anymore? The perceived value goes to nothing.
So you make something that can’t go out of style. You make something that there is no limit to how much of it can exist, yet can’t be lost or damaged.
The value of the NFT isn’t the picture of the frog, the value of the NFT is the “idea” that something has value. You know how the stock market is described as a belief that the stock market has value? It’s all faith? Well, NFTs create a faith in an idea. When you buy an NFT, you’re buying the idea that a “money bubble” has value. The NFT image isn’t the thing of value, the “idea” has the value.
The rich are buying a place to hold money, that can be traded to other people with money.
While we’re laughing about the stupid rubes buying an image, they’re hiding their money away and creating fake losses to offset their taxes. It’s a con, pure and simple.