Browsing the NFT market these past two days feels a bit like looking in a mirror: the floor still seems to be there, but in reality, the depth is as thin as paper—just a few orders are enough to make the slippage look pretty ugly. Royalties are also pretty real-world: if you set them too high, everyone mouths support for creators, but in their hands they still favor markets where they can pay less; if you set them too low, people start doubting whether the “community is still hot.” To put it plainly, when the narrative turns cold, liquidity runs first—the rest is just everyone comforting each other.

By the way, before that mainstream public chain upgrade/maintenance, the group is once again guessing whether there will be a big migration. I think the on-chain reaction is more honest: when there’s a queue on the bridge and DEX depth is as thin as paper, even if you shout “be steadfast,” it doesn’t help… Anyway, I just keep watching the order book and slippage, and I don’t listen to too many stories. Talk again next time