We are in bearish market, NFTs are not alone being affected in this season. Its not yet over for these projects but lets face the fact that the hype in NFTs were not the same as before. Those who have utilities can survive, otherwise it will be hard to recover. Just like the past hype (ICO for example) the popularity will fade and another trend will replace them. Some investors also prefer to take risk and ride on the current hype to earn quick. Thus its not surprising if NFTs are not what it used to be at this point.
NFT has become something even hated by the crypto community, not just normal people. There is no point in NFT anymore when everyone just wants to sell their NFT to the higher bid. All the cool and rare stuff NFT were just empty promises to hype up the gullible people to dump it. I think this is better so we don't have a ticking bomb that bubbles up the crypto, making situation worse in the future.
Imagine the last NFT buyer and no one else wants to buy it, or the NFT hype is over and has no value in the market. The difference with crypto maybe we can get money back by selling it on the market. Even with the lower return price, at least we can still sell it on the stock exchange. While NFT does not necessarily guarantee to sell the final ownership. Therefore, judging by the benefits, NFT is just a pile of junk from the last, unlucky buyer.
From your point, NFT buyers can be two kind of people:
Real people want to buy the thing because of greed, thought they could sell it back to other at higher price.
Fake people exist to create a fake demand for NFT, to lure in real people so they can sell their overpriced, worthless NFT.
Truly, the worse kind of scheme exists to pump and dump their stuff since exchange at least provides a form of liquidation and real trade volume if that exchange is reputation enough. This is not the same for NFT cause they value it on the rare, only 1 of the kind bullcrap.