In the past few days, observing NFT liquidity, I feel that "liveliness" and "buzz" are really two different things: when the floor price rises, the order book thins out, and people wanting to sell are actually hesitant to dump; when the floor drops, liquidity suddenly seems to forget itself, only lower bids are waiting for you. Royalties are also quite awkward, honestly just kindling to warm up the narrative, but when the market cools down, everyone does their accounting first, and if they can avoid it, they do. No matter how well the community can tell stories, it can't stop the reality.

Recently, the staking/sharing security model being criticized as a "copy-paste" scheme, I can actually empathize: when the yields stack too many layers, the final question is "who is actually paying me," and the atmosphere goes silent. NFT is pretty much the same—narratives as interest, emotions as collateral—when it's hot, no one questions it; when it cools down, it's all about liquidation logic.

I'm more focused on the depth of transactions and the structure of the order book, rather than just how loudly the community shouts. Anyway, before I make a move, I first look at: how many people are actually willing to buy near the floor, otherwise it's just self-entertainment.