The way I think about this stuff (maybe my mental model will prove useful to you): imagine a parallel economy that only a small subset of people are plugged into. These people happen to belong to the top 5% of the "real world" economy. The lowest ranking member of this economy is your average software engineer.

So if you imagine a FAANG salary as being just slightly above minimum wage in this alternate universe you can derive all the consequences of what happens in crypto markets from there, including the new top 5% who can casually pay these sums for art.