This kind of processus are not new, and always existed in the domain of "Art". quaks selling their crap pretending it was masterpieces. It is all speculation. What is new tho, is the indecent scale it is taking with crypto, and the dramatic impact it has on CO2 release.
If you are a famous artist into NFT, quit the "look how amazing for Artists it is" speech, you are not fooling anyone. Just admit that you're just greedy and interested by the money you could make in your bubble of rich and privileged friends. When did capitalism started caring ?