These days, I've been looking at a few large NFT bridge transactions again, and I really feel that liquidity is a very temperamental thing... The floor price looks stable, but in reality, it's just a few orders hanging underneath to support the facade. Once someone is in a hurry to sell, it slips away faster than expected. Royalties are also quite awkward; honestly, buyers now care more about "whether they can get out," and as soon as you mention royalties, the market immediately plays dead; but when royalties are lowered, community narratives start to cool down, and creators have little motivation to keep working.

Some new L1/L2s are also starting to offer incentives to attract TVL, and old users complain about "mining, dumping, and selling." I truly empathize: money is hot, people are cold. Anyway, when I look at NFTs now, I don't trust trending searches much; I trust more the flow of funds and the depth of orders on the bridge. Whether the narrative can sustain life depends first on whether someone is willing to leave their position overnight with you.