The differentiating factor is when the hype is justified with the implementation of the actual implementation. Then it's "hype", followed by adaptation and commoditization.

With "just hype" however, there is no such step. It's hype without the following implementation: NFTs, the "Metaverse", Blockchain and "smart contracts", and of course their ancestors (tulip bulbs, 3D VRML worlds, ...) weren't simply new technology: They were solutions in search of a problem; a Ponzi Scheme where it was clear that there will be no actual implementation following, because it wouldn't make sense.