Recently, looking at NFT liquidity, it really feels like the surface of the sea coming in waves: the floor price seems stable, but just one or two trades can break through the depth. The issue of royalties is also awkward—if you collect them, transactions become colder; if you don't, creators and community narratives are easily scattered. Honestly, the excitement all depends on people willing to tell stories and take the risk.

Others think that as long as the narrative is hot, the floor price can keep rising.
In reality, even when the hype is there, it might only be superficial; the order books get stacked higher and higher, but there are hardly any actual transactions.

Recently, new L1/L2 blockchains have started offering incentives to boost TVL. Long-time users complain, "Mining, selling, and flipping," which I can understand. When short-term traffic comes in, attention is diverted, making NFTs seem even colder. I personally still stick to my old habits: I don’t chase trending lists, try to rebalance when possible, and move less when unsure.