Recently translating data sheets of some old NFT projects, the more I look at it, the more I realize that "liquidity" is pretty realistic: the floor looks stable, but it's actually supported by just a few transactions, and when it comes to selling, it slips faster than expected. Royalties are also quite awkward; during a bull market, everyone is willing to give creators some dignity, but when things cool down, they start to look the other way. When narratives heat up, they act as if they don't see the costs; when it's cold, they blame the mechanism entirely.

By the way, let me share my understanding of "long-term." Anyway, it's not some grand narrative lasting a year... For me, it's more like within a quarter: enough for you to experience a wave of emotions, a liquidity drain, and then see how many people in the community are still speaking rationally. Recently, everyone is obsessing over unlock calendars and staking unlocks, anxious about sell pressure. I get it, but on the NFT side, it's more about "it can collapse even without unlocking," because buyers' patience is more fragile than supply. That's all for now. The few pieces I hold are just for collection; don't expect to cash out anytime soon.