NFTs just went through their toughest stretch since the 2021 boom. Two consecutive years of declining momentum, dropping valuations, and waning mainstream interest have reshaped the landscape entirely. The hype cycle that once drove six-figure art drops and celebrity collections has cooled significantly. Yet beneath the surface, utility-focused projects and community-driven collections continue to build. The space is maturing—separating the speculative noise from projects with real staying power.