Remember the wild days when everyone was shouting “WAGMI” (We’re All Gonna Make It) and ugly ape JPEGs were selling for astronomical prices? It felt like tulip fever all over again. Those days are long gone, my friend. NFTs had their moment in the sun, but now it looks like their 15 minutes of fame are over. Let me break it down for you.

Back when NFTs first hit the scene, it felt like you couldn’t go anywhere without hearing about them. People were shelling out ridiculous sums for digital art, especially those goofy-looking ape pictures. It was like a modern-day gold rush, but for pixels. However, as the hype settled, it became clear that most of these NFTs didn’t have any lasting value. Investors who thought they were buying the next big thing are now stuck with digital assets nobody wants.

The broader crypto market’s downturn didn’t help. As Bitcoin and Ethereum prices tanked, the enthusiasm for NFTs nosedived along with them. When your crypto portfolio is bleeding, the last thing you want to do is spend more on overpriced digital collectibles. The demand dried up, and with it, the inflated prices of NFTs.

Then there was the sheer volume of NFTs flooding the market. During the peak, it seemed like everyone was creating and selling NFTs, leading to an oversupply that diluted the market. With so many options, nothing stood out anymore, and prices dropped like a rock.

Environmental concerns also played a big role in the downfall. Minting NFTs on blockchains like Ethereum was super energy-intensive, leading to a lot of backlash from people who care about the planet. Even though Ethereum is moving towards more sustainable practices, the damage to NFTs’ reputation was already done. Many potential buyers and creators bailed out, not wanting to be part of the environmental mess.

Regulatory uncertainty added to the chaos. Governments around the world are still figuring out how to deal with NFTs, leading to a lot of legal murkiness. This uncertainty made people wary of investing in NFTs, fearing potential legal issues down the line.

Attempts to find new applications for NFTs, like in gaming or virtual real estate, haven’t been enough to reignite the spark. The initial hype has been replaced by a more cautious and skeptical outlook. NFTs were supposed to change the game for digital ownership, but instead, they’ve become a warning about the dangers of hype-driven markets.

Even big-name endorsements couldn’t save NFTs. While some artists and brands are still trying to make NFTs work, the buzz just isn’t there anymore. The high-profile collaborations that once drove the market can’t keep it afloat now.

So yeah, those WAGMI days of ugly ape JPEGs fetching crazy prices are over. NFTs had their wild ride, but now it’s clear that the bubble has burst. It was fun while it lasted, but it’s time to move on: NFTs are done, dude.