The liquidity of NFTs is honestly pretty brutal: if the floor price drops a bit, no matter how hot the narrative is, it's hard to stop a bunch of people from wanting to sell. Royalties are even more awkward; if set high, trading volume drops to zero, and if set low, the team and community can't sustain themselves. Right now, when I look at projects, besides checking the images and stories, I also quickly review contract permissions, who can change royalties, and whether the treasury wallet is transferring funds out—so that when liquidity dries up, the wallet isn't empty. Everyone in the community calls for "long-term," but what really matters is how the key addresses move. By the way, the privacy coin/mixing coin compliance debates are quite similar: one side talks about freedom, the other fears being called out, emotions run high, but on-chain records are much more honest than tough talk. Anyway, I’d rather miss out on the hype than pay tuition fees.