OK, so the market price has gone down since I last looked. Still, even at $10, that's still a valuation of $40 billion. That's in the same league as Dow Chemical and Capital One. So I very much stand by what I said above about fools and their money.
But they're not. There are 2^32 planets. A planet is the minimum unit of personal identity and is meant to correspond to a "responsible adult human". Within a planet you can have 96 bits of sub-identity, if you want to have things subordinated to your own identity (e.g. your IOT stuff, your phone, your router, your car, your kids, whatever). No one is buying a 128 bit identity.
You can buy planets right now for $10-$20 on opensea. $20 * 2^32 is about 10% of the annual military budget of the United States, not several orders of magnitude larger than the total economic output of the known universe.