Maybe not. It is so, so damn easy to make it out for what it is, an obvious scam. So when the bubble inevitably bursts, it's likely that enough financial institutions across all levels are prepared for it.

The crypto bubble may damage the economy because some financial institutions are playing with it but the NFT bubble is just some rich idiots getting scammed and won’t do much damage.

Banks see crypto as another unregulated market to gamble with your money and leave your 401k holding the bag when it collapses. But don't worry, they'll be bailed out. It won't collapse until then.

There's supposed to be evidence that much or even most of the NFT purchases are fake transactions designed to pump up the souffle. I pay my good friend Crackersmack 1000 dollars for his NFT. My dear friend Crackersmack pays me 1000 dollars for my NFT. In the end, neither one of us has spent any money, but we each own NFTS that are recorded on the blockchain as being worth 1000 dollars. So what comes next?

?????

PROFIT!

In the words of King Lear, nothing shall come of nothing. There will be a few profoundly stupid people who will be cheated out of money that they otherwise would have spent on herbalife. Mostly I think we're looking at people trying to create something out of nothing, and when they fail, they'll just have nothing again. Not a whole lot going on here.