Why is NFT losing value?

Could you elaborate on the reasons behind the declining value of NFTs? It seems like the market has been experiencing a downturn recently, and I'm curious to understand the key factors driving this trend. Is it a result of overvaluation in the initial hype? Are investors becoming more cautious about the long-term sustainability of NFTs? Or is it simply a correction in the market, as these digital assets reach a more realistic pricing point? Clarifying these questions could help investors and collectors navigate the NFT landscape with more informed decisions.