Is the liquidity of NFTs really supported by the floor price, or by the narrative?

Right now, I lean more towards: the floor is just a thermometer, and what truly makes people willing to spend money and take over is whether "everyone is still willing to keep telling this story."

Recently looking at a few projects, the floor hasn't collapsed much, but the order books look like a quiet record store, with no one making a sound after a round.
The royalty issue is also quite awkward: if it's high, secondary sales are less likely to move; if it's low, creators say they can't go on, and in the end, it turns into the community watching each other to see who runs away first...
Anyway, none of it is dignified.

And then there are those opinions that explain ETF fund flows, US stock risk appetite, and crypto price swings as if they are all tightly linked.
Seeing too many of these, I also get exhausted—it's like trying to cram different music genres into one album.
Here's a note: when sentiment is hot, don’t get carried away by the narrative to add positions; when it's cold, don’t comfort yourself by saying "the floor hasn't broken."