> I think you could argue that the 'upline' acrues value even if they aren't paid directly. Greater interest in an NFT drives the value up.

right, but uplines getting paid in a necessary but not sufficient condition for MLM. In a MLM it's usually derived through their downlines. The mechanism described is a general benefit to all participants in the system which isn't very MLM-like. platforms (eg. youtube) tend to have the same "general interest drives the value of the ecosystem up" (ie. creators convincing other creators to join your youtube clone increases your site's catalog, which boosts the quality of recommended content you can show to your user to get them to stay on longer, making it easier for creators to get views), but you wouldn't call that a MLM.

I think it has many of the characteristics of an MLM

* value is accrued by getting new people involved who buy something

* that they are buying in part because they believe they can make more value by selling it to someone new they recruit

* non-salaried workforce

* built on relationships and word of mouth

In the end, its an analogy not a proof of work...

Those points also apply to a wholesaler of physical goods