Over these past two days, I’ve been watching the liquidity of NFTs. It feels like watching a school of fish under the ice: once the narrative on the surface starts getting hot, the floor price is immediately pushed up a little, but the actual trading depth doesn’t keep up. The bids look thin—one light hit and the lack of support is exposed. Royalty stuff is pretty subtle too. To put it plainly, everyone wants liquidity. When a platform lowers royalties, trades seem to get a little more “alive,” but the community feels like the narrative is being diluted… Anyway, it’s not pleasing to either side.

And lately, people have been talking nonstop about modularity and the DA layer—developers’ eyes are practically sparkling, while ordinary users have a look that says, “What does this have to do with whether I buy the picture?” These days, I trust the small tricks in the order book more: the excitement can be staged, but you can’t fool anyone with the way orders are placed and canceled. For now, that’s it—just slowly watching.