Recently, I checked some old NFT floors again, and I feel that liquidity is really quite "emotional": when narratives are hot, the order book is thick like a wall; when narratives cool down, the floor still remains, but almost no one is willing to buy, like an ornament. Royalties are also quite subtle, people are willing to pay when trading is frequent, but when the market is bad, they start to calculate very carefully, even preferring to go to places with zero royalties… (I feel like watching a group of people simultaneously playing the prisoner's dilemma)

By the way, I thought about the recent discussions in the group about extreme funding rates, whether it’s a reversal or just a bubble squeeze, NFT is actually similar: when everyone is in the same "expectation," liquidity is borrowed out by the narrative; once the expectation disperses, what’s left is who is willing to be the last market maker. Anyway, I now care more about whether the "community is still speaking human language," otherwise the floor is just a number.