Just finished scanning the on-chain data of a few old NFT projects. The floor listings look lively, but in reality, the depth is as thin as paper. One or two quick sweeps can make the curve look very nice… and then liquidity disappears in the next second. The issue of royalties is also quite awkward: charging high makes secondary sales even lazier to trade; charging low, and the team has no money to tell stories or deliver, so when community narratives cool down, the floor can't hold up. To put it simply, many NFTs nowadays are not about whether the art looks good, but about "whether someone is willing to keep buying continuously." Recently, there's been talk about rate cut expectations, the US dollar index, and risk assets rising and falling together. When emotions run high, NFTs can also get caught up in the frenzy. But if I really want to make a move, I still prefer to check contract permissions and vault access—don't get carried away with stories, while your wallet is secretly bleeding.