Even if you are into the premium end of the market, I think the reality is that smartphones is a mature market now. They’ve been around since 2007, and even before that it wasn’t like every model was a nokia 3310, so we’re at the cumulation of 16+ years of iteration and for most people it’s well past the point of diminishing returns. So we see companies try new angles like foldables to keep the upgrade cycle going. Their main consideration is whether they can produce something to sell, and if they can do something their competitors can’t so the smartphone doesn’t become a generic thing entirely.
Improving the camera has been a bigger draw for a lot of people so they have a high quality point and shoot constantly with them, or memory/storage, or screen size/resolution, or CPU, or battery life, and I’d assume that’s also getting to the point of diminishing returns.
People are always looking for get rich quick schemes, especially when interest rates were minimal. NFTs was another application of the tech behind cryptocurrency, which was relatively straightforward “buy GPUs and electricity, get money” for a while. It helped that it was useful for speculation, crime, taking advantage of people who wanted easy money, mixed in with the reputation art has for moving money around.