Lately I’ve been looking into NFT liquidity again. Put simply, floor price can sometimes act like a thermometer: when it’s hot, everyone’s happy to list high, and when it cools down, only a few thin buy orders remain there propping things up. Royalties are also pretty nuanced—creators obviously want them, but for short-term “carry and flip” traders, they’re more like added friction/extra cost. If you hesitate even a bit, they just won’t take the trade. In the end, it still comes down to whether the community narrative can keep things going. Last night I checked on-chain: around the floor of a certain older series, there were only two small, tentative buys, and right after that, a bunch of people withdrew their listings. It felt pretty real. On top of that, with the recent news about tax increases and regulations tightening and then loosening in a certain region, expectations for deposits and withdrawals have shifted—so now people are even less willing to park their money in a “can’t sell” JPEG… As for me, I’m focusing more on the mechanisms and how the treasury/vault is used. Whether it’s lively or not is just a matter of fate.