The NFT thing is comparable. I think most of everybody investing understood that they were worthless and that it was a bubble, but there was a remote chance that it wasn't a bubble and even if it was a bubble then you'd still a reasonable chance of making a profit, and even if you didn't make a profit then you'd stand an even more reasonable chance of getting out with fairly minimal losses. Nobody thought there was any remotely high chance of a poor quality rendering of an ape being worth more than a house for the indefinite future. It was just speculation, sometimes poorly and sometimes reasonably measured.

- No government can dilute it or limit its supply.

Stuff like that. Maybe that matters to you, maybe not, but BTC was created because that didn't exist. And even if you don't use it, you're living in a world where financial institutions have to live alongside an alternative that does these things, for whatever that's worth.

Of course, the only reason for this 'valuation' is because of the founding team but that is just not enough.

This is still a crystal clear bubble.

No different from bitcoin...

I own several NFTs that are important to me, and they're worth every penny I paid. I never had any illusions that I owned anything other than a historical footnote; I think that this sort of ownership is meaningful and important.

It's much more realistic to me than "buying a song" from one of the corporate music distributors. "Owning" a song seems to be much more of a misunderstanding of how data works in a digital world than owning an entry in a ledger.