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.
And this is what is the problem, if the only thing sustaining the interest in an asset is hype then sooner or later the new money will run out and those holding those NFTs are going to panic when they find out that no new people are coming to the market anymore and that the overpriced digital data they bought and that did not gave them true ownership of the work of art is worth nothing, it is sad but many people are going to lose their whole savings because of this.