NFTs are like the internet when it first came out. Takes time for people to realize the potential. NFTs are not just jpegs, they are music albums, concert tickets, video games, a manner to fight counterfeit products (such as stocks; look up failure to delivers), and so many more applications that people are just scratching the surface.

I believe the backlash is from Wall St trying to prevent the inability to counterfeit stocks since they make billions from over selling fake stock (failure to deliver). That is a very large cash cow they will lose.

Since many will not look up failure to delivers, here is a link to a Congressional Record talking about. TLDR analogy: A car dealership has 1,000 physical cars and sells 5,000 cars online. People believe they have “bought” a car because their account shows it. Car dealership pockets that extra cash.

https://www.congress.gov/congressional-record/volume-153/issue-117/senate-section/article/S9646-4