Lately, I've been reflecting a bit while flipping NFTs: the floor price still looks the same, but liquidity has long been thin; whenever someone rushes to sell, the price drops very badly. Royalties are more like an emotional switch—charging high results in fewer transactions, charging low leads creators to be called "spineless." Honestly, everyone is just waiting for a community narrative that can keep the conversation going to support transactions. When it's hot, everything seems reasonable; when it's cold, even profile pictures feel like a burden.

By the way, I saw the debate in the group about privacy coins/mixing coins. As soon as the compliance boundary is mentioned, the stance quickly tears apart; I actually think it's very similar to the current state of NFTs: once the narrative encounters real-world friction, liquidity votes with its feet. Never mind who’s right or wrong, I’ll just keep an eye on exchange activity and on-chain inflows, watching when they align again.