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Remember when NFTs sold for millions of dollars? 95% of the digital collectibles are now probably worthless.
(markets.businessinsider.com)
this post was submitted on 21 Sep 2023
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Certainly not. Millions of people create art every day for various reasons and various success. Heck, artists are generally known to be on the poorer end of society exactly because they often care for the art even if it doesn't sell well. That is the case even for some of the now most famous artists in history. Quite a few of them died dirt poor while their pieces now sell for millions.
Is some art in certain circles used for money laundering? Most likely, but that's definitely not "most" but at best mabye a few thousand pieces which are dwarfed by the billions of art pieces around today.
Art dealers then. The art that sells for millions. Who values these. One person buys it for something. So it creates that price tag. Now you can sell it for that valuation