Doesn't need long complicated answers - just a simple question:
Do you invest
1. mainly on price/the market trends
2. mainly on the underlying usefulness of the token/NFT
3. pretty even split of the two.

I believe option 3 is quite better in this current market, while in a bear market option 2 goes on.
For option 3, when a trend starts you will realise that most coins developed towards that idea of a trend leads the market and pumps massively, therefore being involved with the good ones with attractive use cases will pave way for more growth as well as leading to more gains, in other words, a project offers good use case as well as leveraging the market trend (like NFT) to grow, an example is AXS.
For option 2, during a bear market what matters is only coins and tokens with strong team and usefulness, these two factors will help when the market starts growing, because the team already have something good to offer and people will only but start buying back in order to follow up with their growth, examples are ETH, ADA, SOL and so on.