Today I kept an eye on NFT floor prices for a while, and my eyes are a bit sore, probably from constantly monitoring on-chain data lately. Honestly, liquidity is quite real: the more trading activity, the more stable the floor; otherwise, no matter how hot the narrative is, it’s just a few transactions pushing the price up. It looks lively but is actually very fragile.

I’ve also been watching the recent war of words over royalties. On one side, creators want income; on the other, the secondary market finds the costs too high and doesn’t want to pay. My feeling is that forcing “full collection” or “full exemption” is pretty extreme. In the end, it still depends on whether the project can maintain cash flow, expenses, and retention in a bear market—these cold metrics. Otherwise, even if the community keeps telling stories, they won’t sustain long-term buying and selling. Anyway, I prefer to see it as an experiment in a fee structure, observing who can survive.