[ceejayoz]

I'm arguing there's a massive missing link in the provenance chain.

The person who put a JPEG on the blockchain may not own that JPEG. As evidenced by the existence of the Phunky Ape Yacht Club copies.

A list of transactions after that point doesn't demonstrate ownership if you can't demonstrate ownership by the minter.

[nybble41]

Ownership of (most) NFTs has absolutely nothing to do with ownership of the copyright, making this a red herring. It doesn't matter whether the minter of the NFT owns the JPEG. All that matters is whether someone is willing to pay to acquire the minter's digital autograph (i.e. the NFT). Of course if you are expecting a license or transfer of copyright to accompany the NFT then you'd better do your due diligence regarding whether the seller holds the necessary rights, but that applies equally well to old-fashioned signatures on paper contracts.