"The NFT Market Cycle: Bubble, Hype, and Utility NFT trading volume encompasses trigger points, highs-to-lows, and continuity. As of now, the market is under the effects of a large cycle. NFT hype has transformed from mass media to community clubs. Rotation of categories is observed. BAYC-based hype approach is on-trend. The hyped event and price are highly correlated. Prices follow narratives. The market is now amid "intensification of expectations" and "burst of the bubble", which is similar to the crypto market, but different in some other ways."