Recently, looking at the NFT floor price line, it feels like an electrocardiogram... To put it simply, when liquidity tightens, no matter how hot the narrative is, it will go silent first. Royalties are also quite subtle: wanting to rely on them to support the community is fine, but once everyone only focuses on "can I sell it immediately," they start to find it bothersome, and the discussion area instantly shifts from sentimentality to calculations. I just watch them argue quietly, occasionally feeling that both sides are right but also that it’s all useless. By the way, the on-chain sorting fairness is also being criticized; miners/validators + MEV are eating too steadily, retail investors are even less willing to take risks in this environment, and in the end, it all comes back to one thing: liquidity.