The vast, vast majority of collectibles that have ever been made are valueless, or nearly so. Just look at e.g. all the CCGs that have ever existed, vs how many of them have retained value.
It was fairly popular for international transfers but so many govts have clamped down on it in the past few years.
For what it's used for - DeFi (i.e. financial instruments of all sorts) is an awesome use case, IMHO way better than the traditional system. The problem is that underlying assets are crap/virtual tokens - if it were actual shares/real world things it would dominate the market. The issue is with SEC/regulations - super hard to make a security tradeable on blockchain. Before SEC got involved (in 2012?) the majority of trading was on actual companies that paid off dividends, like the first ASIC projects, satoshi dice and so on.