Hypes are always temporary. Last cycle we had the trend around NFTs and Blockchain games, but right now the tendency of the market completely changed, as it's more focused on memecoins and those Telegram's airdrops (which bring a similar concept to games).

The responsible for that drop is the fact speculators are investing large sums of money in another niches of crypto market. If there was big money coming into NFTs, we would still see a large interest from the public for it. People are always chasing money, so naturally they will be where money is.

I'm actually surprised that memecoins are still a thing in crypto market, because it was also a phenomenon present in previous bull run of 2021, with Doge and Shiba. It seems memecoin is an easy mechanism to drive investors' attention, so speculators insisted on this one and boosted the niche for another round. Be careful, though, because it's not that different compared to investing in Ponzi schemes...