In such markets, pieces are status, which has nothing really to do with matter (in a physical sense). Specifically:
- status is sold; Jack Dorsey is famous, and his first tweet is strongly symbolic;
- status is acquired/purchased; the buyer has the money for the purchase, and he'll fits the item likely in a sort of private collection.
The status interpretation can make more intuitive the nature of the transaction/item, dispelling the insanity interpretation.
It needs to be considered also that this can be very conventional speculation; in this sense, it would appear intuitively "not insane", like financial instruments (of course, in another sense, they are fundamentally insane :)).