“We posit that the most prominent NFT projects, things like Bored Ape Yacht Club and Pudgy Penguins, hold such a remarkably similar structure to Multi-Level-Marketing companies (MLMs) that they will also suffer from the same failures.”
Early buyers get rich only if later buyers show up. The pitch is community, and the product is a JPEG. That is the leggings pyramid scheme with a Discord server bolted on. The people at the top are the ones writing the hype threads.