NFTs are the cryptocurrency equivalent of those companies that will sell you a star. Sure... there is something written down somewhere that you "own" something. In any practical sense, it's completely meaningless.
This is seen by some as a way to put some teeth into the "licensed merchandise" business. Mark Cuban, who owns some sports team, is into that.
Non-fungible tokens are not regulated investments. Fungible tokens are either a security or a commodity, and the SEC and the CFTC don't like pump and dump promotions of them. But you can pump and dump Beanie Babies or sneakers or Authorized NBA Merchandise all you want, constrained only by weak false advertising laws.
The first NFT crash has already happened.[3] Enthusiasts are now talking about "taking advantage of the volatility of the market".
Unlike fungible items, there won't be one price and a liquid market. Reselling will look more like early eBay, with people trying to unload their "antiques". You can still trade Beanie Babies on eBay.
[1] https://news.ycombinator.com/threads?id=Animats&next=2628880...
"The power to destroy a thing is the absolute control over it."
If Dorsey agrees that the "owner" has the prereogative to destroy (delete) it, they plausibly "own" it insofar as they control its existance.
For example, the Dallas Mavericks are exploring issuing their season tickets as NFTs and charging a fee everytime a ticket is resold to disincentivize scalpers.