Interesting piece by W. David Marx that situates NFTs within the category of Status Symbols. Marx is among the most lucid watchers of culture with a focus on Japan, where fashion and futurism converged decades ago.
>>[Status symbols] also need alibis, plausible excuses for ownership other than the intentional acquisition of status symbols ... The best alibi for NFTs is that they are an investment ... to cunningly flip later.
So when the market becomes saturated and the ability to flip (aka the alibi) is gone, will the market collapse?
Isaac Newton, one of the smartest men who ever lived, lost loads of money in the South Sea Bubble.