Lately, watching NFT floor prices is like a puddle right at the entrance to a residential compound—on a sunny day it evaporates and it’s gone… The royalty issue is even more like everyone putting on the same act of having reached a consensus: when the market is good, they say “support creators”; when it turns cold, they start figuring out how to get around it. In the end, it all points to one word: liquidity. The community narrative is the same: when things are hot, they talk about ideals and culture; when things are cold, all that’s left is “Is someone going to take the bags?” What I care about in earnest now are signals that are kind of “lowbrow,” too: are the walls of buy/sell orders getting thinner, and has the chat shifted from “we” to “they”? By the way, the group is also circulating stablecoin regulation and reserve audit talk, along with rumors that it’s about to de-peg—emotion is running faster than evidence, just like NFT floor prices, first scaring up a whole trail of footprints.