A thought experiment about what makes an NFT valuable.

So recently, someone decided to burn a Banksy art piece and then tokenise it/the burning of the artwork.

Here's my question to all of you: Do you think that NFT has value?

Answer the strawpoll here: https://strawpoll.com/8c85q8qa8

Here's my logic, if you think Bitcoin is valuable and you think a Banksy artwork is valueable, then surely that makes this NFT valuable. Why? Because it is literally proof of work. Except instead of burning electricity to earn/create a Bitcoin, they burned a valuable piece of art to create new value on-chain. Then on top of that, this is also a historical event.

Also there are a couple of other benefits to the tokenised artwork. These are:

1. Ownership and authenticity of this NFT is now permanently tracked completely transparently on Ethereum. This means that the big issue of art fraud is gone with NFTs. You can now verify that the token is representative of this real life valuable artwork being burned.

2. NFTs can be used as collateral to get loans in DeFi thanks to a new project called NFTfi. This means that now if people do give this NFT real value, then this person could leverage its value to get a loan and using the NFT/artwork as collateral. This isn't easy to do with real artwork but it can be done instantly and transparently in DeFi.

The only downside is that you no longer have the physical artwork. However, in my opinion this makes this NFT more valuable than the artwork as it is a historic event. On the other hand, if this were to become a trend, I would see less value in each subsequent NFT but I would still see value in them.

Let me know what you think in the comments!

So far, I'm amazed how split the votes are considering this is a crypto subreddit. I can only imagine how few people would vote yes if I explained and asked this in a non-crypto subreddit.