Last night I checked a few more old NFT floor prices again. Honestly, the images haven't changed, and as the hype around the narrative cools down, liquidity feels like it's been drained: a bunch of listings, but very few actual sales. The royalty issue is also quite subtle; ideally, it's meant to give creators a lifeline, but in reality, the buy-sell spread is already thin, and adding royalties + fees + slippage just discourages market makers... My own hypothesis is: when "whether it can be sold" becomes more important than "whether it's worth this price," the floor price becomes less reliable.

Recently, everyone has been comparing RWA, US bond yields, and on-chain yield products together. I find it a bit theatrical: one is interest rate anchoring, the other is sentiment anchoring. If the community stops telling stories about NFTs, the return expectations are basically empty.

By the way, a shameful thing: a while ago, I saw a new series claiming to "return all royalties to the community." I didn't understand the rules, almost got triggered, but then I thought, if I don't understand it, I shouldn't act. Turns out, the next day liquidity collapsed directly... so I saved myself some tuition.