True! I wanted to emphasize that "being online" (which the OP seems interested in) is not particularly important in itself, and that many interesting communities exist both online and offline.

Which, as you point out, can be simplified to "exist" ;)

There are cheap nfts and expensive nfts, and the only people who care already have nfts. Its not a general flex it's a flex to other nft memers which is a low status flex no matter what.

Its like walking around with a Gucci billboard on your forehead - you think youre flexing but youre actually just demonstrating clown shoes.

Nobody cares how expensive your nft is. They have no use anywhere. Its like having the fanciest clownshoes - you're still a clown.

I think that's certainly a factor, especially when it comes to the meme-y stuff - which is what has been getting a lot of the attention. From other niches I get that impression a lot less - can't really impress people with the fact you could spend $20 ;)

No, that resonates. Truthy.

It is like that "I'm Rich" app someone from Germany(?) made for iOS. Priced it at the max and a few people bought it!

What they got was an app that displayed a picture of some expensive, fantasy ring with an equally fantastic gemstone set in it.

Total status signaling!

Of course the general failure on that one was the lack of network effects. Someone could see the app was on a phone, and or could see the displayed picture should the user leave it running.

Seriously lame, but still there appeared to be at least a few takers.

I do think you're onto something here. I've heard about "right-clicker mentality" [1] in relation to NFTs, which seems to align with your description of its utility as a wealth signal.

[1] https://www.vice.com/en/article/5dgzed/what-the-hell-is-righ...