It comes up repeatedly: why would someone buy an NFT? Why would someone spend millions on one? Is it really about rarity? Utility? The artwork? Yes, but there’s more to it.
When I think about NFT ownership, I think about the “land rush” scene from the 1992 Tom Cruise movie Far and Away. If you haven’t seen the movie, you can find the clip on YouTube.
It’s this “land grab” concept that I believe accurately encompasses NFT ownership. Yes, utility and artwork, among other things, come into play. But, at a base level, it's about real estate. Original, digital real estate [on a blockchain] for which you are the sole owner. Real estate that is immutable and transferable.
Don't believe the hype. The NFT space is rich in opportunity and is here to stay. If you haven't made the plunge, do research. Avoid fads, and fly-by-night operations. Lean towards forward-thinking creators with history and longevity.