Why did NFT fail?

Could you please enlighten me on the reasons behind the downfall of NFTs? I've noticed a significant decline in their popularity and market value recently, and I'm curious to understand the factors that contributed to this trend. Was it due to a lack of real-world utility? Was it the high prices that scared away potential buyers? Or was it simply a case of over-saturation in the market? I'd appreciate your insights on this matter as a professional in the field of cryptocurrency and finance.