NFTs are dead, but why?

For most of 2022, A-list celebrities like Snoop Dogg and Paris Hilton were jumping on the NFT bandwagon, and many thought the sky was the limit. Fast forward to today, and with all the gloomy headlines about celebrity ‘investments’ into NFTs and how much money they’ve lost, you’d be forgiven for wondering if NFTs are dead forever. So, what changed?