Do you still think people play with NFTs? I’ve been digging through old bags lately, and the floor price is really like a thermometer: once it gets cold, liquidity runs first, and the thicker the sell orders, the more it starts to feel like self-soothing. Royalties are even more realistic—when the market’s bullish, everyone says “support the creators,” but when it’s bearish, people start taking detours to save a few basis points. Put simply, traders don’t talk about sentiment; they only care about friction costs.

The community narrative is pretty mysterious too. When it’s hot, a single line can lift the floor; when it’s cold, even multiple AMAs feel like self-indulgence. And recently, haven’t social mining and fan tokens been all the rage—the “attention is mining” setup? I can’t help feeling it’s more like borrowing some hype to light the fuse, but the hype burns off fast too… Anyway, for now I treat NFTs like emotional holdings: small amounts—ones that can go to zero. Don’t expect it to keep you back in the green every day.