Bitcoiners will be glad for the miners making better margins and lowering sell pressure but that's about it. All the actual utility of bitcoin is diminished by constantly congested chain.

And NFTs are worthless spam. Period. Making an actual property registration system on the idea makes sense but there is a huge amount of friction in getting adoption because it inherently competes with court registries that are monopolised by states.

Interesting analogy. I have to think it through. My first thoughts are that onchain fees could potentially be driven higher as a result of NFTs, whereas I don't imagine electricity costs would be driven higher by miners absorbing excess grid electricity.