The art market itself is a bubble. Famous art is primarily used for investment, tax avoidance, and sometimes money laundering. Occasionally someone will hang it on a wall and look at it, but it's more likely to end up in storage.

NFTs were designed as a microcosm of the art investment market, sold on the promise of increasing resale value - like the real thing.

Of course that didn't happen. But some artists made a lot of money, some dealers made even more, and some people made significant savings on their tax bills.