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.
Actualy hype projects is over not because there are another project type is coming but if something is hype, there will be a lot of scammers coming with the same type of project and make the system looks bad.
There are a lot of scamming NFT project right now which make people wrong to invest and lose money, and those people will said NFT is no longer a good project even though they made their own mistakes.
NFT is really fit for entertainment crypto space, such as games. Games with NFT is really promising and i'm sure it will survive for the upcoming years.