I think the valuation of most NFTs is insane, but underlying all that I think they just tap into the desire to collect things. Personally, I've collected much dumber things than NFTs in the past. I don't think collecting NFTs is any dumber than collecting bottle caps, baseball cards, conceptual art certificates of authenticity, or digital goods managed by centralized entities. The big difference is that NFTs are liquid and visible, so it's very easy for a culture to form around collecting weird shit.