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.
We will see whether these trend will continue when the bear market returns, i am really hyped seeing the market right now and the different NFT some of these projects launches, but what happens when there is no use case.