Recently, I’ve come across several NFTs whose floor prices suddenly shot up. When the comments section heats up, I get a bit cautious: liquidity, to put it simply, depends on whether there’s a “next willing buyer.” Royalties are also quite awkward—if they’re too high, buyers dislike it, and listings with fewer sales; if they’re too low, creators and teams have no motivation to keep telling the story. When community narratives cool down, the floor price starts to shake.

I usually don’t pay much attention to “loud shouting,” and prefer to see whether the distribution of holdings is too concentrated or if someone is quietly offloading near the on-chain cost line… Probabilistically, the floor can stay stable not because there are many good-looking artworks, but because someone keeps making the market thicker. Recently, attention shifts in memes and celebrities are too fast; newcomers really shouldn’t think they can always catch the right rhythm. The last move is probably not for others, but for themselves. Anyway, when I see a sudden surge, I first ask: who’s selling, and to whom. That’s all for now.