Recently, I looked at NFT liquidity again, and honestly, it's still three things pulling and pushing: the floor price is like an emotional thermometer, shooting up when hot, hanging on the order wall when cold; royalties are more like friction costs, disliked when no one is passing the baton, but truly essential for long-term community building; storytelling is even more mysterious, when it's lively everyone tells stories, when it's cold, the stories all turn into "I didn't know why I bought it at the time"...

Seeing the staking/sharing security model being criticized as a "copycat," I can actually empathize: the compounded returns look great, but when liquidity tightens, the first to be squeezed out are often these non-essential positions. The same applies to NFTs—don't be fooled by the loud voices in the group, the order book is the real truth.

There's too much information, which also causes anxiety. I now force myself to focus only on two things: 1) whether the structure of orders/transactions has changed; 2) whether the royalty policies and incentives have been secretly altered. Other narratives are just background noise—anyway, survive first.