Lately I've been looking at NFT liquidity again, basically whether the floor price has enough depth to withstand a hit. As for royalties, when the market is hot, everyone talks about supporting creators; when it cools down, they start bypassing transactions. On-chain execution slips, and the floor price drops as if there's no brake... Community narratives are the same—when it's hot, a single word like "culture" can support half the buying volume; when it's cold, even shouting until you're hoarse won't get anyone to respond.

And then there's the new L1/L2 incentives to boost TVL. I can really understand the old users' complaints of "mining, then selling": liquidity was never loyal to begin with, and it's even more obvious with NFTs—money comes in fast and leaves even faster. Anyway, when I look at projects now, I first check the exit channels, then the story. If the story doesn't add up, I just pretend I didn't see it. Let's talk about it next time.