No, it wouldn't be the cause, but it is probably a contributing factor. Lower loan rates increase the number of people who both are willing to risk taking out

No, it wouldn't be the cause, but it is probably a contributing factor. Lower loan rates increase the number of people who both are willing to risk taking out a loan to buy something on FOMO grounds, and who are offered the opportunity to take out a loan in the first place. Lower loan rates also allow easy access to the money needed for wash trades and the like that allowed NFT (and cryptocurrency) market manipulation.