Someone asked me, what exactly should we look at for NFT liquidity? To be honest, I first check if the floor price can "stand firm," then see if the trading volume is supported by a few big trades. Royalties are also quite realistic: if royalties are high, people prefer to bypass transactions, resulting in poorer short-term liquidity; if royalties are cut completely, project teams have no funds to continue, and the narrative can easily cool off. The most awkward part is that community narratives surge when hot, and when cold, no one is willing to take over; the floor looks like support, but it's actually just empty space. Recently, the kind of inflation + studio + coin price spiral collapse seen in blockchain games makes me think it's quite similar to some NFTs "releasing new images to boost popularity"... Anyway, I now prefer to wait until the sentiment cools down before looking again—when there's volume and consensus to act, otherwise, no discipline.