Back when NFTs were all the rage, people threw around various theories, various ideas against the wall.

Some people were more or less genuinely convinced about the value of the blockchain technology behind it. Some people saw them as a way to make a quick buck, and did.

Other people saw them as a way to make a quick buck, and didn't.

I can proudly say I also created an NFT collection and gathered 27 bids in total, with 7 current owners including myself and $194 in trading volume.

Hey, it's better than nothing.

But that's beside the point, the point is, a lot of people said NFTs were nothing but Veblen goods.

Just another way of showing the world you're spending a lot of cash on something just because you can.

I thought about this today after learning that Jane Birkin's very own Hermès Birkin bag sold for $10.1 million at auction.

I should point out that Hermès bags are also something that generally does and can appreciate in value, just like a Rolex or some rare cars.

But the principle doesn't change.

Somebody spent $10.1 million on this bag because they could.

In the same way celebrities were buying NFTs because they could.