We could sort of understand it for digital art, which is its own non-physical feedback loop. But now luxury companies, who peddle things such as handbags and 12-ply cashmere, are rushing to put out NFTs.

Gucci has started issuing one-of-a-kind digital sneakers as NFTs. The very high-end-niche Krigler perfume is releasing NFTs. Eric Pfrunder, formerly Karl Lagerfeld’s right-hand man at Chanel, just went on the board of Lukso, an NFT-blockchain company set up to service the luxury industry. But isn’t the whole point of luxury goods that you can touch and wear them and show them off I.R.L.? Make it make sense!