So from the outside looking in this looks very silly, not highly inflated. In fact on the surface it looks clearly like a scam with a lot of hand waving and philosophical nonsense tacked on to confuse people.

Anyone can mint an NFT that points to whatever, and the benefits you get are purely imaginary or at best speculative that a greater fool may exist and buy it from you for a higher price.

The art world while also somewhat suspect at least has physical possession/ownership.