The NFT concept might work well for things in the real world except it has to usurp the established existing system which is never gonna happen.

I, for one, would love to be able to encode things like property ownership in a NFT to be able to transfer it myself instead of throwing money at agents, lawyers and the local authorities to do it on my behalf.

What NFT’s ended up as was of course yet another tool for financial speculation. And since nothing of real world utility gets captured in the NFT, its worth is determined by trust me bro