Recently, the liquidity of NFTs has been quite divided: the floor price is like a thermometer, when it's hot everyone is watching for "the lowest price to get in," and when it's cold, only pending orders remain, with transactions as thin as paper. The issue of royalties is also awkward, honestly it's a tug-of-war between "creators making a living" and "smoother trading," when the narrative is strong, people are willing to pay, but when the story cools down, they start to think it’s dragging down liquidity.

What's even more interesting is that recently, everyone has been comparing RWA, US bond yields, and various on-chain yield products together, making the "holding and waiting for a story" approach in NFTs seem even more luxurious. Anyway, I now look at projects by calculating probabilities: whether the community narrative can be sustained, whether the royalty mechanism will fluctuate repeatedly, whether there are genuine buy orders below the floor… if these hurdles are cleared, then I’ll consider it; don’t treat the outcome as fate.