Are Utility NFTs the Real Deal or Just a Fancy JPEG Gamble?

So I was looking at some projects that promise all these real-world perks with their NFTs, like exclusive access or physical items, and it got me wondering. From an auditor’s perspective, the code can be solid, but the actual value feels… speculative. Are we just buying into a narrative that might not hold up? I’m into airdrops and memecoins, so I get the hype cycle, but this feels different. Or is it? What’s your take on whether these utility claims are sustainable or if it’s mostly just market hype driving the prices?