I think that NFT will remain to be a niche product. Most of them are ugly, so people won't be buying them as a piece of art.
True, most of these NFTs which priced so expensive being used for the washtrading only. I was always avoiding to buy this piece of shit. Some NFTs may be valuable enough but it's only some NFTs that have been released by the popular entity which has gained a lot of popularity.
Majority NFts were pumped so high due to the hype. Some popular NFTs have told us about how their price dropped so hard like BAYC. The floor was always declining like shit.
Trading them is really volatile and unpredictable, so that suits not for everyone either.
True even majority of these NFTs became worthless after the hype has gone. I remember ghozali NFTs. NFTs can be used for the identity verification only. Im not seeing other utility owned by NFTs.
NFT can have various utilities but majority of people used this as speculation purpose only.
It's being used as pump and dump asset like token.