Recently browsing NFTs, I feel that liquidity boils down to three main factors: whether there's someone to buy the floor, whether royalties can be collected effectively, and whether the narrative is hot or not. Once there's no one listing or buying at the floor price, the price still looks stable, but it's actually like air; royalties have been quite awkward these past two years—charging high makes trading colder, not charging makes it just "speculation," and the community can easily disperse. The narrative is even more mysterious—when it's hot, everyone can tell stories; when it cools down, all that's left is asking "Is there more to come?" I now no longer chase explanations; whether transactions can go smoothly and whether on-chain liquidity is recovering are more practical than making empty promises. Oh, and hardware wallets are sold out, and a bunch of phishing links are flying around... Don't be lazy—pause for a second before clicking links to avoid directly smashing the "floor" into your own wallet.