Tonight I reviewed again until my eyes were a bit blurry… The liquidity of NFTs basically still depends on whether the “floor price can hold.” When the floor price softens, there seem to be quite a few listings, but actual transactions are very thin; a slight dip causes slippage and it all falls apart, and the mindset also collapses. The royalty aspect is even more delicate—if it's too high, everyone avoids it; if it's too low, the community feels like “there's no soul anymore.” When the narrative is hot, people can tolerate it; when the narrative cools down, they immediately start calculating.

Recently, on-chain data tools and tagging systems have been criticized for being laggy and misleading. I actually understand this quite well, especially when hot topics emerge, a few wallet transfers can make the “smart money” label look real… Anyway, I now pay more attention to the continuity of trading behavior, and I don’t put too much faith in a single label. Let’s leave it at that for now, and see tomorrow if the sentiment inflection point returns.