We cannot really conclude that the NFT hype cycle is over yet, but i am sure it would come to an end soon. Because all the several hype in the crypto market always have an end. Check out the likes of ICO, IEO, Defi, etc. They all started with huge hype, but the hype died off later.
I don't think it will end soon, we all hear a lot of news for celebs and big companies buying nfts and such, just like Twitter, recently they said that they are working on adding verified NFTs to Twitter accounts which definitely boost it again, and I am sure more bug news will come soon too, so the hype-cycle did not end yet.