It's the culmination of several factors. A shift in political/financial power from NYC to The Bay Area. Traditional financial instruments having increasingly diminished returns. The stock market doing too well is actually bad because it means everything is more expensive and you can't make money without big rises or falls. The boom in retail trading thanks to smart phones and gamified trading apps.

If anyone seriously wanted to make NFTs to scam people, this is probably your last chance. Once the big corporations get a hold of it, they'll try to start shutting everyone else out, especially if it works and makes them money. Just like what happened to the internet as a whole. Instead of it being the wild west where everyone and their brother has a crypto scheme, it'll just be a few big companies giving you access to a kiddie pool.