The situation is certainly not ideal for us who follow what is happening in crypto. I am sure a lot of new small investors dont have any idea, how fast can things go south especially because way too much money goes to meme shitcoins and NTFs. For me, NTFs could be the new MtGox, there is just now way all that much content will keep the value in the future.
If you are old in crypto, you should not be panic of these dumps as such dumps won't last forever and eventually every crypto currency rises again.
Also i think that NFT has a very good use case and the hype of NFT wont die away. NFTs are not only used for digital art but we see many games have built-in NFT characters.