These days, when looking at NFT liquidity, it feels like the floor price is really just an instant vote of "who's willing to take the loss."

When royalties are high, there are more listings, but transactions are slower; when royalties drop, trading increases, but the community narrative starts to cool down again, with everyone shouting about co-building, yet still calculating friction costs first.
In the group, people are still discussing stablecoin regulation, reserve audits, and de-pegging rumors, which makes me think even more: liquidity is quite emotional. When rumors spread, everyone first withdraws listings and switches back to stablecoins, causing the floor to drop sharply.
Anyway, I now separate "trading depth" and "royalty expenses" in my notes. Whether the narrative is hot or not is another story; for now, I just want to see if I can exit smoothly.