Why is an NFT worth so much money?

Why is an NFT priced so exorbitantly? It seems like just a digital asset, yet it fetches astonishing sums. Is it solely because of the hype surrounding it? Or does it possess some underlying value that we might be overlooking? Could it be the scarcity factor, as each NFT is unique and non-fungible? Or is it the creative genius behind the artwork that commands such high prices? Could it also be the potential for future appreciation, given the volatile nature of the crypto market? Or is it simply a matter of supply and demand, where the desire for ownership outweighs rational pricing? I'm genuinely curious to understand the reasons behind the astronomical valuations of NFTs.