I just shut off the market software and switched to scrolling through NFT trade records… The more I look, the more I feel that the whole “liquidity” thing is pretty real: when the floor price softens, those projects that were once “hot in the narrative” instantly go cold. Orders pile up with nobody taking them, and royalties also turn into an awkward topic—if you don’t collect them, the community says there’s no money to get the work done; if you do collect them, the trades end up even thinner. To put it simply, people talk about culture, but you can still see whether they’re actually willing to move in or stay out.

Recently, in the group chat, it’s been going around again and again with “stablecoin regulation / reserve audit / de-pegging rumor” messages—once the mood ramps up, NFTs start to look like the kind of risk position that gets sacrificed first. For now, I’m treating it like a slow process of evidence preservation: when things are hot, watch who really buys; when things are cold, watch who’s still around. That’s it for now.