"The sooner this insanity ends the better."
Insanity like this in principle has been around and come around numerous times over several centuries. Among a rather turgid miscellany of irrelevant stuff, Charles Mackay's Extraordinary Popular Delusions (1852) lists half a dozen instances of silly ideas that took an entire population by storm (far more extensively than NFTs), not least the South Sea Bubble of 1727, when hundreds of speculators ruined themselves buying the worthless stock of (in many cases patently) bogus companies. One such advertised itself as a company with a purpose so secret it could not be divulged. It was - they raised a huge sum by selling bogus stock and absconded to America.
On occasion, however, mass manias can have an even more harmful character. In 1731 the villagers of St. Medard started worshiping the tomb of the 17th century Jansenius, Bishop of Ypres. A cult developed involving eating earth from around Jansenius' tomb, voluntarily induced violent convulsions and "an urgent instinctive desire for certain extreme remedies, sometimes of a frightful character,--as stretching the limbs with a violence similar to that of the rack,--administering on the breast, stomach, or other parts of the body, hundreds of terrible blows with heavy weapons of wood, iron, or stone,--pressing with main force against various parts of the body with sharp-pointed swords,--pressure under enormous weights - exposure to excessive heat, etc." [The Convulsionists of St. Medard. Hon. Robert Dale Owen, The Atlantic Monthly. VOL. XIII. Feb., 1864 in two parts].
Ultimately some 800 people fell into this cult, which did nobody any good and not a few serious physical harm. despite it having no charismatic leader. It just spread spontaneously through the population.
On the face of it a few extremely rich folk wasting their money buying a hash seems quite mundane by comparison.