Can an NFT lose value?

I've been hearing a lot about NFTs lately, and I'm really curious about their value proposition. Could you please explain to me if an NFT can lose value? After all, I've seen some really pricey sales, but I'm wondering if the market could suddenly turn and cause these digital assets to depreciate. I'm also interested in understanding what factors might contribute to such a decline in value, if it's even possible. Could you shed some light on this for me? I'm trying to wrap my head around this new and exciting world of cryptocurrency and NFTs.