Is the 8th Gen dead already?

Is this a valid question to ask at this point? Is the 8th gen already over after 3 years and four months? Some people feel that with the release of Nintendo's next-gen console code-named 'NX', Sony now releasing an updated version of the PS4 dubbed 'PS4K', and Microsoft also planning unveil their plans on an "upgradable" version of the XBOX One is proof enough. Some people feel that once it became apparent that the PS4 was running away with this thing and that neither the XB1 or Wii U were a threat it was over then. Also there are others who feel that the 8th gen in and of itself was an epic failure. Let's delve into this a little more to determine if this is indeed the case.