It was a passing phase, a fad. NFT artists & creators made a lot of money. Lots of people got fleeced for a lot of money that they will never make back. NFTs are useless, they offer nothing, it’s just a massive scam. Similar to the ICO craze of 2017, NFTs were the trap of the last bull run. Be careful & don’t be a sheep.
I won't call it a scam but yeah there was no reason why it was so popular and people were investing so much money. Pretty similar to ICOs but at least ICOs had a promise, even if fake and bogus, that they will build something and we were investing in the vision.
I mean, hype is everything these days, meme coin have absolutely zero utility but the FDV can reach multi billion worth sometime for absolutely no reason and then went down again as the hype fade.
It's the same case with NFT except that NFT which can't be bought in fraction make the trend unsustainable, apparently the top NFT usually offer exclusive membership access or something like that but the rest of NFT are just overrated and overpriced as you said.
Good thing NFT has become what it's really meant to be these days.