Not completely, but they will diminish in number. There will always be people who like physical media over digital copies, me included, so just like music, movies, and books are still available in physical form despite everything seemingly going digital, physical video games will likely be around for a very long time still.

Even stars burn out.
Nintendo will probably be the final holdout, since they are probably going to use cards again. Even when future consoles go digital-only, licensed and unlicensed games will still be released on older hardware. PS6 and Xbox 5 will probably be the first generation to be digital-only out of the box. They'll probably have an optional add-on disc drive like the current rumors for an upcoming PS5 SKU.

Eventually yes. All consoles will move to digital-only as is the tendency, so any physical release, if theres any - even for collector's purposes - will be obsolete.

However I probably wont live to see it.

I mean, someday, could just as easily be in 19 years or 20 years for all we know. The world will have changed, our buying habits with it as well.

I don't like the fact that my game info could only be tied to a single platform and if something grave like a hacking or corporate ban happened, then all my games would be reduced to naught.

I like the tangible effect of physical hardware and software and I hope that at least Nintendo which enjoys enormous physical sales for its first party games will keep that sector going forward even if they were just to include it and reduce the physical printing in like 2 generations from now on.

Even then, the reduce exposition to physical media at some point will prolly lead to a need for consummer to own it back at some point like it happened with Vinyls and CD's in recent years.

Saying something is simply more "convenient" simply doesn't cut it personally.

All things eventually end.

But no, not in the near future.

There will always be some demand, even if ever diminishing.

A lot of companies will eventually stop printing them, but not all of them.

When all things go to digital companies like Limited Run Games are going to make a killing lol

Personally, there will still be physical releases but not as heavy as it use to be. I will keep on buying physicals as much as possible.

It will eventually happen, assuming all 3 of the major companies sit down and agree to it.

Vinyl record sales outperformed CDs in 2022.  The niche might never die but will be  very small compared to what it was. CDs went from over 800 Million at peak  to just 33 in 2022.

Full BBC news article : https://www.bbc.com/news/64919126

For reference here is a history of CD albums sales.

Nintendo's next generation console will use physical media. I think there's a very large chance that either or both of the next PlayStation and Xbox do not have any physical option. So, if I had to place a bet right now, I'd bet that 10th generation consoles from Sony and Microsoft will be digital only.

The market very clearly prefers digital. We know that was 100% certainty based on the sales split. And, digital sales are much more profitable for the companies that get to decide whether physical media will continue to exist.

There is a small segment of the market that cares about physical media, but those people are mostly hardcore gamers that are not going to quit the gaming hobby over a change in the distribution system. There probably will be a marginal reduction in sales of games, all else being equal, when physical goes away. But, that will be a very small number. And it will be outweighed by the fact that most of the physical sales move to much higher profit digital sales.

TLDR: there is very little incentive for the platform holders to continue supporting physical media. And what little is left is declining every day.