why is everybody underallocated to NFTs ? 
Memes are the social cohesion for people & NFT's are literally Memes

https://linktr.ee/novalunosis.eth

Ethereum, ZK, Data, Running a Farcaster Hubble on GCP 🛰️

Because jpgs are free.

What's the upside to "owning" a meme? Until there's a value prop here that resonates, nfts as memes doesn't hit.

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I would argue:
Free to watch but not free to own.

People still want to flex by owning something and be part of that community

I think NFT’s could be valuable for a number of reasons: 

Ex. Vaneck buys pudgy penguin and by doing that they are perceived more crypto-native and become part of the pudgy penguins crew. 

As a company by buying an nft from a certain collection you infiltrate a follower base.
And get community support 

Ex. Rektguys launching energy drinks and using their follower base to grown their sales of drinks. The consumers of energy drinks also have the opportunity of buying a part of the brand just as you could buy a part of the brand “red bull”

I would argue that no, they don't. Because of the point of the OP:

People aren't buying nfts that are simply memes. The narrative doesn't land because there's no real value proposition.

It sounds like a good idea to some, but it doesn't land with the masses. 

Nouns is one of the biggest successful nft projects and while they promote a lot of memetic qualities in their community, the nfts themselves aren't actually memes. Just membership cards.

That's what ppl want to own, apparently! Being a member of nouns means something, but owning the memes of nouns doesn't.