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> Is there a reason why the painting I linked is $85mil, and the Beeple NFT isn't? My argument is that the value of a collectible (NFT, painting, baseball card) is actually because of what it represents, rather than the object itself.

Probably because that artist and his work were actually influential: https://en.wikipedia.org/wiki/Kazimir_Malevich

When looked at as an artist, Beeple appears to be the digital art equivalent of some forgettable late-Rococo painter.