Recently, several NFT communities have been arguing about floor prices and royalties, basically because when liquidity is insufficient, everyone wants to be the first to run. When the floor drops, no matter how hot the narrative is, it can instantly cool down; but if royalties are cut, creators and operators have no money to keep going, making it more like chronic bleeding in the long run. Anyway, I don’t really believe in “slogans” when it comes to NFTs now; I prefer to focus on real on-chain transactions and holder structures—who’s buying in, whether they continue to buy after buying in, it’s more meaningful than how loud they shout in the space.

The set of inflation + studio + token price spiral in blockchain games has recently been brought up again for review, and it’s actually quite similar to the liquidity dilemma of NFTs: once the main demand becomes “selling to the next person,” it’s hard for the hype to be sustained by sentiment alone. As for which communities can endure through the cold periods… I’m still watching.