Lately, observing the liquidity of NFTs, it really feels like a winter vegetable market: a row of floor prices hanging there, occasionally someone grabbing a couple of baskets, but mostly vendors just shouting to attract attention. The royalty system is even more delicate; honestly, everyone wants to support creators, but once trading cools down, saving a little becomes a little, and in the end, it turns into “narrative hot, transactions cold.”

If the royalty mechanism back then wasn't so one-size-fits-all, and could be slightly linked to community contributions or holding duration, maybe many projects wouldn't disperse so quickly now; but maybe I’m just dreaming too beautifully—when the market cools, no design can stop people's hearts from running away.

Recently, discussions about modularity and the DAO layer have been flying high, developers’ eyes shining, while ordinary users are completely confused… The NFT community is similar; the story is told at a higher level, and on the floor side, even fewer people are listening. I still prefer projects that can continuously give holders “reasons,” taking it slow, surviving first, then talking about the wave.