re: An NFT of Jack Dorsey's first tweet bought for $2.9M is now valued at less than $4

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Upon research, I still don’t understand what exactly is the purpose of an NFT.

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NFTs are the foundation of trying to create a new virtual economy. This idea depends on people rapidly and rabidly adopting VR/AR into daily life. Within such an environment, having an NFT would (eventually, if those pushing them get their way) be considered ownership of that image in whatever (or all) virtual/augmented worlds.

So if you have a Mona Lisa NFT hanging in your virtual home, you visit my virtual home and I have a Mona Lisa hanging there as well, long-term idea is that the NFT aspect of your image would mean you own the "original". This could mean you could sue me for having a "fake", demand I have to put some sort of watermark on it (or the company hosting the world will remove it), etc.

A lot of people bought NFTs not because of this, but because it was new, bright and shiny. At this stage, having an NFT means nothing to most people since pretty much anyone can copy/paste it and there are no repercussions for doing so (and it looks to remain this way for the foreseeable future).