These days, I've been watching a few NFT floors again, and it really feels like liquidity is ridiculously thin: someone places an order like setting up a stall, a big player comes in and eats it all in one go, and the narrative "heats up" for a moment; if no one bites, it instantly cools down to ice. Royalties are also quite awkward—creators want them, traders think they're too expensive, and in the end, everyone just verbally supports it but actually runs to zero-royalty places because money doesn't care about sentiment.

My current definition of "long-term" is probably just one quarter; I wouldn't dare pretend to be certain for longer… the pace on-chain is too fast. I've seen the kind of economic collapse points in blockchain games—inflation + studio + coin price spiral all happening together—community narratives can't hold up anymore. NFT sentiment is actually the same, just expressed more "quietly"—floors slowly slide down, and people in the group gradually stop talking.

I'm quite cautious myself; I prefer to hold less position but pay more attention to which chain or market the funds are moving from. Short-term hype doesn't scare me, but I worry about it being so hot that liquidity can't support it. That's it for now, waiting for confirmation.