The reason why NFT artwork is worth millions isn't just for a speculative market so another chump will buy it from you at a higher price, but it also has another value. Like all artwork it is used for tax avoidance. The high price of NFTs allows a wealthy elite to squirrel away millions to accrue value without being taxed. They are more handy than a real piece of artwork or some expensive property in London because a digital image isn't vulnerable to physical damage or maintenance costs. It's obvious why this shit is exploding.
I think it's the same with a lot of the art idea, yeah some of it is because of money trafficking and tax evasion, but also its a really inflated market with a bunch of rich people and galleries ready to spend whatever they want and a pretty hard exclusive club to actually get demand in.