These days I’ve checked out a few old NFT floor prices again, and it feels like a gear missing lubrication: a bunch of listings, but not many actual sales. Royalties are even more subtle; when the narrative is hot, everyone pretends not to see it, but when the story cools down, they start nitpicking every idea. Honestly, when liquidity tightens, the first thing to be squeezed out is always the fees.

On the other hand, the testnet incentives and the points system have really boosted people's moods. In the group, people are asking every day, “Will the mainnet issue tokens?” I see it as another kind of warm narrative, making the market a bit softer. But in the end, it all comes back to that gear: without sustained buying pressure, stories alone can’t move the market, and royalties won’t save the floor price. For now, I’ll keep waiting and staring at the contract parameter sheet.