These past couple of days, I’ve been stuck watching NFT liquidity and it’s starting to get a bit annoying. The floor still looks like it’s there, but as soon as someone places an order, the depth is thin as paper. The moment a little selling pressure shows up, the price just slips downward. And once royalties are set high, it directly has the effect of making trades hesitate and stand down… To put it simply, in many cases “the floor” is just a psychological anchor, not real liquidity.

The community narrative is pretty mysterious too. When things are hot, everyone loudly talks about “belief,” but when it’s cold, even mentioning buybacks or market making is something nobody can be bothered to bring up. Lately, there’s been more bickering about social mining and the whole “attention is mining” thing around fan tokens. Watching it, I can’t help but feel like they’re outsourcing liquidity problems to emotions—and once the hype is gone, you still have to come back to order matching and the quality of execution.

I need to be reminded: don’t get swept up by narratives. First, look at order book depth, the distribution of trades, whether royalties are actually implemented in practice, and whether there are any traps in aggregation routing. If you end up losing, then review and reflect—don’t argue stubbornly. Anyway, I’d rather buy a little less now than be the last person left holding the bag for liquidity.