That seems like a suboptimal fraud. Why not sell a thousand different NFTs on the same bike?

For even better efficiency, sell the NFTs to yourself to pump the last sold price to $10,000+, with cryptocoin proof that the "last buyer" thought the price was worth $10,000.

Is it even a fraud? What rights does holding the NFT give to the source object?

The NFT itself is the fraud.

Is it? The NBA is selling "clips" of Basketball plays. They make clear in the terms of the sale that the buyer does not have any rights to the video after buying the NFT. The NBA can do whatever it wants with the actual video including selling it again

Putting a fraudilent scheme with all caps in your ToS and EULA doesn't make it legit.

Is it not the same for physical basketball cards? I doubt you own the rights to the photograph or even the stats on the card.

How is it a fraud? Nobody claims it to be anything other than a token.

Want to buy an NFT to my bicycle? $100 will do it. Comes with no rights and I may sell a similar NFT to others.

And you fundamentally do not understand NFTs. It is perfectly fine and acceptable and within the contract of the NTF for the owner of the physical item to sell said physical item separate from that item's NFT. They are separate assets. An NTF was never said to represent the physical object, the NTF represents itself as the unique only NFT representing the physical object, but the two are wholly separate independent things. The owner and/or transfer of ownership of the physical object has no relation to the NFT beyond the claim of it being the one and only NFT of that physical object. The entire concept is a grifter's game for fools.