Is NFT liquidity really determined by the floor price, or are royalties and community narratives subtly pulling in different directions?

I personally think all three matter, but when it really comes down to “should I buy, and can I sell later,” the floor price feels more like a life raft, royalties are like an undercurrent, and narratives are the wind… when the wind picks up, everyone drifts. Recently, during extreme funding rate situations, debates in the group about whether to reverse or keep pumping the bubble, I’ve become more cautious: when the rate goes crazy, everyone gets emotional, and NFT floors often hold up initially, then suddenly loosen when the bids thin out. Royalties are also quite realistic—projects that rely more on royalties to survive tend to have secondary liquidity that’s easier to bypass, and in the end, it depends on whether the community is willing to truly spend money rather than just shouting. Frankly, I only watch two things in NFT pools: whether there’s a “safety flag” in the order book depth, and whether the trades are distributed healthily. Otherwise, don’t jump into the water during a big wave—it's not shameful to wait and see.