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In general, yes. Jewelry can be melted down and repurposed. It’s also visible in the physical world, which means more to many people today (maybe not to future generations). In that way, I think NFTs are more comparable to, say collectible mechanical watches, baseball cards, stamps, art. It might be worth dollar for dollar to some people, but the market for gold is much larger.

I'm not into gold or crypto but gold jewelry has a tiny bit more of a track record than nfts

Is a picture of gold jewelry (NFT) worth the same as jewelry?