It's a good question, and one that's tough to figure out. A lot of the big ticket NFT collections that actually sell for absurd amounts of money (Bored Apes, Cryptopunks, Cyberbrokers, etc) are still trading pretty strongly. Here you'll find a lot of the efforts to scrabble together some real utility to insulate themselves from market crashes, rising interest rates, etc. The floor price for these collections and projects is high enough anyway that you're not going to find many regular people getting stung – if you're buying into a 'blue chip' NFT now, you've clearly got cash to burn. (That said, I've heard of plenty of people who bought a Bored Ape early and its really their only major investment. So they're technically 'wealthy', but it's not at all stable.)

But on the less prominent end, where you're more likely to find the scams, pump and dumps, phishing attacks and rugpulls, I think it's a different story. These are the ones that capitalise on people buying into the hype, and I think there's no doubt plenty of less sophisticated investors getting sucked into the orbit of social media hucksters and Discord cults and losing money they probably can't afford. The decline in search and media interest in NFTs is probably partially attributable to this side of the space.