Last night, I came across a few old NFT groups, and everyone is still watching the floor price, saying "faith" with their mouths, but their actions are very honest: whenever there's a little volume, they dump it, liquidity is as thin as the reflection under a bridge at night, and it disperses with a breeze. Royalties are even more awkward; creators want to earn a living, buyers complain about the costs, and in the end, it becomes a silent game of "who compromises first." The narrative is also quite mysterious—when things are hot, one story can outweigh ten images; when cold, even official tweets seem like self-talk.

Outside, people are explaining crypto fluctuations with ETF fund flows and US stock risk appetite, which isn't unreasonable, but when applied to NFTs, it feels more like emotional translation: when the market tightens, everyone first sells "things that can't be liquidated immediately." Anyway, I now treat this as a record of cycles; I don't need to be understood, I just want to clearly write down every time I feel excited or retreat, so I won't pretend it didn't happen next time.