The past couple of days, I’ve been looking again at NFT liquidity, and it really feels like the floor price is just like a thermometer: when it cools down, the orders pile up but there aren’t many transactions, and no matter how hot the narrative gets, it’s easy to get stuck on “someone’s shouting, no one’s buying.” Royalties are also quite awkward; honestly, everyone wants creators to survive, but when it comes to bottom-fishing or running away, even a little transaction friction feels too slow… Anyway, human nature is pretty consistent.

There’s also a small detail: after watching on-chain for a while, you’ll find that many “recoveries” aren’t suddenly driven by increased faith, but by a few large orders lifting the floor a little, then the community starts to explain itself, and retail investors follow the sentiment. Recently, there’s been talk about validators earning a lot and MEV front-running being unfair, and similarly, the “fairness” in NFTs is often exaggerated by thin liquidity—who posts first, who dumps first, the effect is completely different. It’s probably a normal state of confusion; I’ll just treat a few indicators as signposts and not get too caught up.