The third time I watch NFT floor prices twitch back and forth, I finally get it: liquidity really doesn’t care about sentiment. When the market is hot, everyone shouts about community narratives; when it cools down, all that’s left is “can you even sell it?”

Royalties are also pretty awkward. Everyone says they support creators, but the second it’s time to post a listing, they start complaining that it’s too much or too much of a hassle…

Anyway, for myself, I only buy positions that, even if they drop, won’t end up messing with my sleep.

Recently, during the airdrop season, these task platforms have been cracking down on bots—moving into a points-based system—so that the profit-hunting crowd gets wound up like they’re going to work. Looking at it, I also think: sure, it’s lively, but the speed at which emotions run hot is way faster than actual order-book depth.

For now, that’s it. I’ll just watch slowly.