Recently, watching NFT liquidity is more interesting than looking at floor prices: when the floor drops, the listings immediately become scarce, and people wanting to sell are hesitant; when the floor rises again, stories start being told, but in reality, liquidity hasn't really come back much. Royalties are also quite subtle, basically a vote on whether to give creators a lifeline, but traders only care about friction costs—higher costs mean thinner depth, which is very realistic.

AI agents and automated trading have also been hot lately; on-chain interactions are indeed more frequent, but I’m more concerned about who’s nitpicking security details and who’s using narratives as a shield... Once a contract has some issues, the already thin liquidity of NFTs can evaporate instantly.

What I fear most isn’t slowness, but chaos: slow at least allows for mean reversion, but chaos means correlations jumping wildly, narratives flying everywhere, and data becoming untrustworthy. Anyway, I now pay more attention to “how many people are willing to keep placing orders / keep buying in,” rather than listening to the community shouting about how hot it is, which feels more reliable.