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Legitimate, how? I'm convinced that these prices are being achieved based on the fundamental misunderstanding that this type of ownership grants them any rights over all the ways people actually use nyancat.

no one bidding believes that. right now this is all about bragging rights and diversifying your ETH portfolio - but depending how the future of NFT goes (and how new platforms are built around it) there may be a looooot more you can do with it.

I think you might just be rephrasing what I am saying, with the twist that the perceived value will be arriving at some point in the future. Even if it doesn't exist now, I'd love to hear an explanation of what this potential future value might be.

imo it’s a bit like if as a kid a friend made a pinky swear on the block chain that he’d buy me a house if he ever Made it Big. now decades later, i call upon this promise. many “hand shakes” within elite circles work the same. (cut palm blood pact maps to eth “blood price”)

These things you are describing are worthless, so I think we probably agree.