Recently, I’ve been paying some attention to NFT liquidity, and it still seems like the same three players are fighting: the floor price acts like an emotional thermometer, sliding down whenever there's a surge in buy orders; royalties are more practical—once exchanges turn the switch on or off, creators and holders start to clash; community narratives are quite mysterious—when things are hot, a single comment can push the sales, but when cold, people don’t even bother to reply.

I personally no longer chase “story climaxes,” and care more about trading depth, holder distribution, and whether the project team’s cash flow can sustain operations. The recent criticism of the “yield stacking” approach in staking/sharing security makes me think of NFTs: when liquidity is insufficient, stacking concepts are forced, and in the end, royalties can’t be collected, and the floor price can’t be maintained.
Anyway, I keep my positions diversified, leaving some exits on-chain and on exchanges.