I recently looked back into the trades of a few old NFTs again, and I feel like liquidity is truly very real: the floor price still looks decent, but when there are more listings and fewer real buy orders, it instantly turns into “priced but not liquid.” Royalties are also awkward— I understand the argument about protecting creators, but when the market is cold, everyone just wants to pay less in slippage and fees. If the narrative isn’t hot, who would still be willing to fork over those extra few bucks?

What’s interesting is that once the community narrative cools down, chats in the group turn into “Is anyone still here?”—but when it’s hot again, it feels like everyone suddenly got fired up together. Put simply, NFTs are very much like a mood thermometer. Recently, the whole wave of arguments over privacy coins, mixing coins, and regulatory boundaries has been intense, and I can see a bit of division in it too: one side says privacy is a right, while the other says don’t send yourself into a gray list. Anyway, I’m still slowly accumulating; whether the narrative can really deliver, time will tell us.