Recently, I've been looking at NFT liquidity again, and honestly, it's still about three things: who is willing to buy at the floor price, whether royalties are actually collected, and whether the community narrative can still keep people engaged. When the market is hot, everyone talks about "faith"; when it cools down, it’s just about whose sell wall is thicker... I now prefer to see it as a risk asset, keep my position small, and if I do participate, think about an exit strategy first. Otherwise, if the floor drops, I can only tough it out.

Another feeling: the debate over royalties is really just about fighting over "who pays for whom," creators want continuous income, traders want lower friction, and in the end, it becomes a litmus test for community sentiment. The group chats are similar—when it's hot, it's all about praising PFP avatars; when it cools, people start nitpicking, but there's no need to attack each other; everyone has just been educated by liquidity.

By the way, watching Layer 2s compare TPS, fees, and subsidies every day, it feels a lot like storytelling in the NFT community: narratives can attract people, but ultimately it comes down to "can you smoothly enter and exit, and are costs controllable." Anyway, I’ll first check my parachute, so I don’t think about how to land only after the wind stops.