Recently, the NFT space has been pretty divided: when the floor price dips, the people pushing the narrative get louder, while the sellers’ listings end up being thinner… to put it plainly, liquidity is like tea—when it’s hot, everyone dares to top up their cup, but once it turns cold, only a few small cups are left swaying there. Royalties are also kind of awkward: set them too high and the secondary market says it’s too expensive; set them too low and the community complains, “There’s no money to tell stories.” In the end, trades rely entirely on that emotional push.

I used to be a little obsessive—I’d always say, “I only look at on-chain.” When I see a row of listings piled up above the floor from the same address, I immediately feel something’s off; after getting slapped down a few times, I realized that even if the on-chain is clean, if the narrative cools off, nobody still steps in. Lately, the funding rates have been extremely extreme too. In the group, people are arguing about whether to reverse or keep squeezing the bubble, and that’s made me even less willing to get swept up… Anyway, my approach is pretty “old-school” right now: I look at both on-chain data and human sentiment. Most importantly, I confirm fewer things rashly—don’t end up paying tuition fees to yourself.