Worse than ICO. An ICO got you something vaguely resembling either equity or a Kickstarter-style prepurchase. Either way, an ICO had some plausible value. (None of that value had anything to do with blockchains, and the whole thing was probably fraudulent to some extent, but at least the potential value existed.)

An NFT is just an NFT and has no plausible way to be worth anything.