> You create an NFT and sell it to yourself for $200,000. > Now you have $200,000 and a $200,000 NFT

But you now also have a liability of $200,000. Your total asset is still $200,000 , not $400,000.

> If you can convince someone to buy that arbitrary NFT at 95% discount

so you just sold the NFT for $10,000. If somebody else got tricked into thinking they got a 95% discount - that's on them. A fashion store often marks up their clothing by 100%, and have "sales" of 50%!