Lately, when observing NFT liquidity, the most glaring thing isn't the ups and downs of the floor price, but the patience for "whether the story is still hot or not" is fading. The floor price is actually quite like an emotional thermometer; when it's hot, everything can be forgiven, but when it's cold, even royalties become a point of contention: some complain that royalties drag down transactions, while others say that without royalties, the community has no sustenance... I'm also conflicted.

Some people keep an eye on large on-chain transfers and unusual activity in exchange hot and cold wallets, treating it as a "smart money signal," but what I care more about is whether the community is still willing to speak human language and do small things, or if all that's left are screenshots and mutual suspicion. Once the narrative cools down, liquidity is like someone suddenly wanting to sleep—no matter how you shake it, it won't wake up easily. That's all for now, let's watch and see.