Over the past couple of days, that same feeling of “it’s just sitting there, but nobody’s buying” has come back to the market. When liquidity dries up, bottom-fishing, plain and simple, is really about whether you can last until the day someone comes in to take it over. What I care about more now is this: don’t go too heavy on your position, don’t use leverage, and keep enough cash flow—being able to stay alive matters far more than guessing the very bottom.

Things are also getting heated around NFT royalties: creators want income, secondary markets want liquidity, and in the end, nobody wants to give an inch, so deals end up even colder… Anyway, when the market has no volume, all “fair design” gets put through the real world’s testing.

I still believe in one thing: projects that think through their rules and incentives—after they get through the downturn—at least won’t turn out that catastrophically. That’s it for now. Just wait slowly.