The liquidity of NFTs these days really feels a bit like watching a contract's shadow line: once the floor drops, it's mostly emotional orders smashing each other below, with the order book depth being ridiculously thin. Royalties are also awkward; honestly, the more they want to save money on the secondary market, the less willing they are to take the hit, but creators rely on it to survive, so the excitement is driven by storytelling, and when things cool down, no one wants to put in that extra effort. The community is quite realistic too; no matter how loudly they shout in the group, if trading volume doesn't move, it just stays stagnant. By the way, I recently thought about the new wave of L1/L2 incentives—longtime users complain that "mining, selling, and dumping" is really too similar: liquidity comes in, then runs away, leaving only the replayers. Anyway, I now mainly look at order books and active participants for NFTs, with storytelling just as seasoning... what about you?