I don't think the speculative bubble around JPG makes much sense.
An interesting thought I had though, is that the traditional art market makes ""no sense"" either.
People keep insisting it's so different because you pay for something tangible that can't be easily copied. In reality, you could buy a copy of a masterpiece that would be indistinguishable to everybody except a handful of experts, for many order of magnitudes less money than the original. The world's most expensive paintings sell for hundreds of millions. The best Mona Lisa replica are auctioned (!) for hundreds of thousands, and you can buy "good enough" canvas replica for a few hundred dollars.
The reason people buy art NFTs are the same that people buy expensive real world art: (1) patronize the artist, (2) tax evasion, (3) status symbol, (4) price speculation
NFTs just takes the logic to its paroxism / logic conclusion.
Note that is specifically about "art NFTs". NFTs is a much broader category that has useful uses (e.g. the aforementionned domain name).