NFTs, to put it simply, still depend on liquidity to determine whether you can exit with dignity. When the floor price softens, no matter how hot the narrative is, it's like an air conditioner outside unit—buzzing but not warming the room. Royalties are even more awkward: if set too high, everyone will go around to zero-royalty platforms; if set too low, the team has no money to keep going, and the community can only rely on emotion to hold on.

Seeing some still shouting "consensus" and "culture," I admit I get a little tempted, but I will be more honest with myself: split accounts, stash funds in cold wallets, avoid authorization whenever possible. When taxes and compliance tighten, the psychological expectations for deposits and withdrawals immediately change, making liquidity pickier, and the floor price takes the first hit... Anyway, when I look at NFTs now, I first ask: does anyone really want to buy? Not "will it go up."