Recently, I’ve been seeing a lot of NFT floor prices go on a roller coaster. When things are hot, everyone talks about narratives and communities; when things cool down, all that’s left is “can it be sold?” To be blunt, liquidity is just too real: the floor can’t hold up, royalties are also easy to get bypassed, and creators and holders start to resent each other—then the whole vibe dissipates almost instantly.

I’ve become a bit more conservative lately. I’d rather check whether on-chain trades keep going consistently and whether the order book is getting deeper, than get pulled along by the buzz from a few charts/images. I don’t buy into the idea anymore that “liquidity will be sustained just because a couple of celebrities say a few words,” but that doesn’t mean every project is doomed… Anyway, the attention cycle spins too fast—newcomers really shouldn’t expect to catch the last baton.

I still go with the same rule: low frequency, sleep first. If I truly want to get involved, then just treat it as paying tuition—take a small position to experience the emotions is enough.