Why did prophets fade away from the Church?
Prophets faded away from the Church because the Word of God came into print. Once the printed Word was available, there was no longer a need for gifted men to speak forth the Word. Apostles similarly faded after the Apostolic Age ended, while evangelists, pastors, and teachers remain today.
Les explains from Ephesians 4 that Christ gave gifted men to the Church, including apostles, prophets, evangelists, pastors, and teachers. He notes that apostles faded off the scene after the Apostolic Age ended, and prophets faded away because we now have the printed Word. Once the Word came into print, there was no longer a need for gifted men to speak forth the Word. Even so, the list in Ephesians still includes prophets. Today, the Church has evangelists, pastors, and teachers. This fits the broader teaching that every member of the Body of Christ has been given gifts according to the measure of the gift of Christ.
And he gave some, apostles; and some, prophets; and some, evangelists; and some, pastors and teachers;