I’ve started recording my intuitive feelings about NFT liquidity: it’s not about who shouts the loudest, but when the floor shakes and the order book thins out, that little “community narrative” immediately reveals itself. Royalties are also quite realistic—if the cut is too high, fewer transactions happen; if it’s too low, it feels like there’s no money to burn. The result is that when it’s hot, everyone pretends not to care; when it’s cold, they all use it as an excuse.

Recently, some people have been interpreting ETF capital flows, US stock risk appetite, and crypto price movements together. I also watch that, but more often it’s a reminder to myself: emotional transmission is very fast, and NFT liquidity is even more fragile. Don’t mistake “popularity” for “exit opportunities.” Anyway, I just keep a slow record, so that in the end I can be less impulsive and more aware of what I’m waiting for.