In my opinion, when it comes to young people and new shiny...

In my opinion, when it comes to young people and new shiny things like NFT's and crypto... its 100% speculation and the "this time its different" mentality, coupled with "We'll find some to buy it at a higher price than I paid" even though there is no underlying valuation methodology.

That is the pure nature of asset bubbles throughout history...

"Interest rates are like gravity in valuations. If interest rates are nothing, asset values can be almost infinite. If interest rates are extremely high, that's a huge gravitational pull on asset values." Warren Buffett