In the distant past, elites used art objects and precious metals and gems as their internal currency. Sometimes all aforementioned things was combined in a single object. At least, that objects was really nice and pleasant to look at. All that crowns, bowls, scepters, etc.

But with that art pieces elites was limited with supply of that objects. Elites depend on the genius artists, and have no any lever on the artist inspiration. This become unacceptable for elites in time. They want total control over currency.

So, in the not so distand past, elites decided to switch to so called "modern art" as their internal currency. You know, all that daub and fecalous figurines sourced by declared "great modern artists" with million $ price tags. Now, they could easily control currency supply, just by declaring some daubers as greatest artists and force them to produce necessary amount of "art".

But there still was a problem with physical objects - they could be stolen, lost, damaged and so on. It is also not very easy to transfer them quetly when they declared by MSM as precious objects of art and have a million price tag.

So, they are experimenting in attempts to find better replacement for their internal currency. Since they are not as smart as many think, we observe all that stupid shit.

Why you are so wondered by NFT, when you have an example of different Malevichs, Giacometties and Banksies for a long time? This NFT shit is no different from "modern art" shit in core.