The innate degeneracy of NFTs was and will be its demise. You can make an NFT for anything any time at zero cost (hash the digital version, sign it, put it on the blockchain). Because there are many greedy opportunists waiting to tokenize anything at zero cost, theres abundance of supply. Supply outpaces demand, price crashes. A bubble that will never inflate again as supply will always stay magnitudes higher.

The article mentions "real, tangible use cases" were missing. Well, other art also doesnt have a "use case". But until NFTs, art was scarce. NFTs as a whole construct arent scarce at all and thats total market failure. Yes, I consider NFTs art.