Just like baseball cards. That said, there are some interesting use cases where the NFT is paired with off-chain cash flow. See royal.io, where IP rights for music are represented by NFTs and the owner of the NFT receives royalties. I think having a liquid market for that kind of investment is more tractable than a jpeg without real IP rights.
I would say the NFT market places make it easy to buy/sell (liquid). Since contracts are composable it could be sold to a contract with distribution properties so there can be fractional ownership. Programmable money flows.
You can certainly see baseball cards (or stamps, Magics cards, whatever) as worthless. The difference being that when you buy a baseball card, (yes a reproducible good, so its value is anybody's guess), you're not buying a link to a baseball card powered by Ethereum, you're buying a tangible product at the very least.
To me the NFT is so intangible as a product that clearly its market is already set to die, the question is who will be holding the bag and who will make millions.
