Yes in fact artwork has traditionally been used for this sort of thing as well. It's the kind of thing that could sell for a million dollars, without any way for an outsider to determine that this is a fair price. NFTs just supercharge this dynamic.
I've always said the best money-laundering / money-stashing instrument are paintings in a rugged floating tube that can be stashed in a yacht equipped with salt plugs in-case it ever went down.