Rush hour subway rides, I checked out some NFTs, and that floor price line is really honest: when it's hot, everyone talks about narratives; when it's cold, only "can I sell it?" remains. Royalties are the same—when the market is good, people are willing to pretend to be civilized; when it's bad, they start to take detours to save that little bit of money. Honestly, when liquidity tightens, faith gets discounted first.

Recently, some people have been watching large on-chain transfers and unusual movements in exchange hot and cold wallets as "smart money." After seeing so many, I just want to laugh... Large transfers don't necessarily mean direction; maybe they’re just moving assets elsewhere, or preparing to dump or buy in—both can be explained. Anyway, now when I buy NFTs, I first ask myself: do I really want to hold long-term? If not, don’t touch those that no one will buy when they cool off; no matter how big the retreat button is, it’s useless.