> Some folks use NFTs as Patreon -> to support artists who's work they admire.
No, I don't buy this. Patreon already exists. And when you factor in gas fees, people who use NFTs to support artists are picking one of the least efficient ways to do so. Etherium in its current form is not a scalable model for how to pay for content, the fees make micropayments unnecessarily cumbersome and inefficient.
The fact that none of these people who are using NFTs "to support artists" were interested in supporting digital artists through any of the multitude of existing ways that existed before NFTs leads me to cast serious doubt on their claims that they actually care about the art ecosystem.
So, let's say you actually want to support artists:
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If you want to buy the digital equivalent of "shares" of an artist's work, use Patreon/Liberapay/etc and join the community of people who are regularly investing into their output. This is the preferable method for many indie artists, because many indie digital artists want predictable income, and Patreon allows you to commit to regular donations instead of one-off payments. Many artists will use Patreon as a way of soliciting early feedback and providing early access to their projects.
If you want to buy specific pieces, donate directly or just buy those pieces on any of the many art-selling sites that exist online (Gumroad, Itch, etc). This is the really straightforward way of saying "this thing that exists is worth money."
If you want to own something more tangible for supporting your artists, look into printing sites and physical products (Etsy, Topatoco, etc). This requires a little bit of setup from the artist, but not any more than NFTs would, and it allows you to somewhat "advertise" your support with physical objects in a more tangible/public way than NFTs would ever allow.
If you want to get something unique and personal out of supporting an artist, commission them. Commissions are often going to be more affordable than buying NFTs, they provide you with an actually unique product instead of just a unique ID number, they allow you to directly interact with the artist you're supporting, and commissions usually come with better IP assignments.
If you want to encourage investment into a piece of artwork, encourage the artist to set up a Kickstarter/IndieGoGo campaign. Kickstarter isn't just usable for funding theoretical products, artists can use Kickstarter to fund predictable work and specific releases. Krita for example used Kickstarter to fund development on specific features, even allowing contributors to "vote" on what features should be prioritized.
If you want status/clout for donating, and you want to be publicly recognized, sponsor artists. Many artists have systems where they'll give you public credit for sponsoring a piece of work. This is also a far better system than NFTs because that clout can't be re-sold or faked, and because the artist directly promotes you to everyone who sees their work; other people don't need to go find your digital wallet and validate it on the blockchain in order to recognize what you've done.
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So what do NFTs provide that the above solutions don't? A tiny bit of standardization (although it's questionable how standardized they really are), and other than that, pretty much just speculation. NFTs are kind of awful at a lot of this stuff, they're expensive to create and trade, they're complicated to work with, validating copyright/legitimacy is annoying, they're more subject to regulation, they're less private, they can be traded around which devalues the original statement of buying them, a large percentage of them are subject to link rot, the "gamification" of them is laughably bad because gas fees make it impossible to do most interesting mechanics, and even their display/status value is underdeveloped and still in its infancy. But they allow you to gamble that the token you're holding will go up in value and that you can sell it later for a profit.
And that's why people buy them. Not to support artists, all of these people could have been supporting artists ages ago, and they didn't. They buy NTFs because they're a speculative asset. They talk about supporting artists because it makes them feel better and because that conversation feeds into the hype, and that helps their speculative assets grow in value. That's all that's happening here.