Does anyone know what happened to the NFT craze?

After a ton of influencers had too much with NFT pump and dumps I don't think people really trust them anymore lol

The NFT ecosystem followed the traditional hype cycle that most technologies go through, with inflated expectations ("everyone's going to be rich"; "WAGMI") and is moving further through the cycle now. Part of this is likely due to wider market forces (FTX, Luna etc.) impacting everything in the blockchain ecosystem, including NFTs, Metaverse etc. The technology hasn't gone anywhere, though. I hope that global brands continue to enter the space and explore NFTs as avenues for loyalty marketing, private access to virtual (or physical) environments etc., as well as the benefits of blockchain around data security and accessibility. Regulation could help standardise and protect processes, attracting users, or it could not. It seems hard to say currently. This is just my experience, NFA and all that jazz.

Hype and speculation led to an influx of projects flooding the market. With such a forceful entrance into the market, people fell in love with the promise of NFTs rather than delivering on the application (usefulness of NFTs. This isn't a new phenomenon and I don't consider NFT an industry. I think that misconception was part of the problem. NFTs provide transparent asset ownership, revolutionizing finance, art, gaming, licensing, loyalty and so many other industries. Let's look beyond the surface and explore the vast potential of NFTs.