Eh, there are a lot of things without 'intrinsic value' that don't just collapse on themselves. What is the intrinsic value of a Monet or Van Gogh painting? Collectibles have value simply because of continued interest in their subjects persist. Cryptocurrencies fill an economic niche, even if we agree they don't replace paper money, and that demand pushes their value organically, if more than a little volatilely. However, full admission, I don't 'get' NFTs either. But in as much as we can think of them as digital collectibles they make some sense.

Physical art has intrinsic value because it makes you feel good to look at it and even better to own it. And it took talent and skill to create it. Good art is scarce because not many people are great artists and it is not easily exactly duplicated. A good Van Gough painting is something that the art world agrees has value and scarcity. Software or Apps have value because they provide a useful function for people even though they are just “ones and zeros” at the root level. Bitcoin’s value lies in being able to transfer value to someone online for an illegal product or service that cannot be paid with a credit card, bank account, or PayPal. As soon as governments or law enforcement finds a way to make such payments fully traceable then the value of Bitcoin or similar pay methods will crash as its only intrinsic value was being untraceable payment for mostly illegal activities. With enough resources and motivation the government and/or law enforcement will eventually crack the traceability if they have not done so already.