I think you just hit on something there, though.

There isn't an easy way to flex your status online, unless you're a celebrity, or put in the work to become an influencer.

For people with money, there isn't a simple way to come to places like HN and just be important because you have money. There isn't a way to show people how wealthy and powerful you are without contributing.

But NFT's allow you to show people how much disposable income you have, and therefore how much better you are than the unwashed masses, without needing to really do anything of substance.

Or maybe that's just my own personal bias and confusion about NFT's in general showing?

There are cheap nfts and expensive nfts, and the only people who care already have nfts. Its not a general flex it's a flex to other nft memers which is a low status flex no matter what.

Its like walking around with a Gucci billboard on your forehead - you think youre flexing but youre actually just demonstrating clown shoes.

Nobody cares how expensive your nft is. They have no use anywhere. Its like having the fanciest clownshoes - you're still a clown.

I think that's certainly a factor, especially when it comes to the meme-y stuff - which is what has been getting a lot of the attention. From other niches I get that impression a lot less - can't really impress people with the fact you could spend $20 ;)

No, that resonates. Truthy.

It is like that "I'm Rich" app someone from Germany(?) made for iOS. Priced it at the max and a few people bought it!

What they got was an app that displayed a picture of some expensive, fantasy ring with an equally fantastic gemstone set in it.

Total status signaling!

Of course the general failure on that one was the lack of network effects. Someone could see the app was on a phone, and or could see the displayed picture should the user leave it running.

Seriously lame, but still there appeared to be at least a few takers.

I do think you're onto something here. I've heard about "right-clicker mentality" [1] in relation to NFTs, which seems to align with your description of its utility as a wealth signal.

[1] https://www.vice.com/en/article/5dgzed/what-the-hell-is-righ...