These past couple of days I went to check the floor prices of a few old NFTs again, and it feels like ice cream melting halfway: it looks pretty sweet, but once you pick it up, it’s all drip. Liquidity really just holds up on that little bit of narrative—when the community gets hot, someone comes along to pick up the bags; when the community cools off, the orders you place can hang in with the “museum exhibition” kind of vibe… The royalty situation is also pretty awkward. To put it plainly, everyone wants creators to keep telling stories, but when it actually comes time for a trade, they end up thinking it’s in the way.

By the way, I also see that L2 is arguing again about TPS, fees, and subsidies—the more fiercely they debate, the more I want to “check the temperature”: a lively discussion doesn’t equal buy-side interest. First, take your hand off the fire of FOMO before anything else.