Sure, there's a real sense in which that's absolutely true. What I think the article was eyebrow-raising at wasn't primarily the digital nature of this transaction as much as the extremely high price paid. An original by Picasso is going to be worth more -- orders of magnitude more -- than an original by, say, Joan Erbe, a painter who was very well known around the Baltimore area and is "notable" enough to have her own Wikipedia page. Erbe's originals seem to generally go for around $500–800.

I know people are saying "but Beeple is known!" -- and I'm sure he is! I hadn't heard of him, but the chances are you haven't heard of Joan Erbe. What I'm suggesting is that Beeple is, in the wider world, closer to Erbe than he is to Picasso. If this had been a $2-3M transaction rather than a $69M transaction, it would still be in the news and raising eyebrows because of the NFT nature, but it would seem a lot less... bubble-ish.