I think so, coins that don't have a clear purpose will certainly not make investors buy and hold, if the coin works for NFT it certainly makes people speculate to buy because the chances of skyrocketing are very high and that's common in cryptocurrencies.
It's different with the NFT token called SLP. This token didn't have good fundamental, lack of usefulness, too much inflation.
Im actively playing lava and the price was so crazy right now. This token will never increase again. So many people are thinking the whales will be buying this token but the fact that they are very wrong by pumping this garbage tokens. A token with hyper inflation was not a common thing in the crypto. AXS regaining its price caused by it has not become hyper inflation token while SLP did this.
This token didn't even suitable to be used for the speculation purpose because it will be always going down.