Lately, watching NFT liquidity feels a bit like watching dough ferment: lively on the outside, but getting drier inside. Once the floor price is broken through, the limit orders become vacuum-sealed, everyone fears catching the last punch. The debate over royalties is heated; creators say they can't survive without royalties, while traders think royalties make them less willing to trade, and the secondary market directly freezes... Neither side is wrong, but the market is just so realistic.

Forget it, speaking plainly: whether your JPEG can sell often doesn't depend on whether you believe in the story, but on whether others are willing to bear that little “friction cost.” When the narrative cools down, royalties are like an extra layer of shell; when the story heats up, everyone pretends that layer doesn't exist. Anyway, I now pay more attention to order book depth and turnover speed—stories are just stories, but positions should still be taken slowly.