These are more great questions that need answers.

Perhaps the payday comes from a sort of Premine if you will.

I'm not sure how they get dumped, but wash trading seems likely too. But they're repeating the process more frequently, so there's got to be a payday somewhere.

orion_kos

The miners argument doesn’t make much sense, at least into the medium term. If we think of x% of miners linked to the same VCs, all the increased revenue does is incentivise other (non linked) miners to come in and also compete for it. Though I see what you mean about other fees also bid up.

343pg

bitcoin

Ordinal Scam Theory: Exposing Inscription Fee Indifference

I just don't understand who's buying these tokens? How are VCs turning their fee investment/cost into more money?

Has anyone ever met a person who's spent money on these? What's the pitch even?

My suspicion is that a lot of the volume could be wash trading, and if miners are linked to the VCs then maybe the high cost of minting is more than offset by people overbidding their fee rates in response.