In the past two days, I’ve been checking the NFT floor prices again, and it turns out liquidity really is like the weather—it can change on a dime. When things are hot, everyone’s willing to take over the bag, tell stories, and even royalties can be treated like a “well-deserved respect for creators.” But when it cools down, the first thing people do is complain that royalties are in the way, wishing they could be turned off with one click. Anyway, once the narrative isn’t exciting anymore, who cares about your community ideals?

I’m a little jealous of those who managed to catch the wave—heck, even a random picture can be elevated into a kind of identity… But to be honest, I’m more afraid that I’ll treat my positions as self-worth: the more things drop, the more I need to prove that “I didn’t misjudge it back then.” Recently, people keep bringing up RWA, US Treasury bond yields, and on-chain yield products for comparison. In truth, it’s quite similar: it’s not that everyone suddenly understands finance better—they just want to grab hold of that little slice of certainty they can sleep with. For NFTs to bounce back, maybe it won’t be art that’s missing, but the people who are willing to stop and actually listen to what you have to say. For now, that’s all.