Lately, the liquidity of NFTs has been quite intuitive: when the floor price softens, people's first reaction isn't "Can the narrative still be told," but "How much can I list to sell first." Royalties are also awkward; when prices rise, everyone says they support creators, but when things cool down, they start avoiding zero-royalty markets. Honestly, it's still about cash flow first—only during emotional highs do they talk about sentiment.

Recently, memes and celebrities grabbing attention have pulled focus away, and veteran players advising newcomers not to take the last step—I can understand that. NFT here is more like "no one is watching, so no transactions happen." When the narrative cools, the floor price feels like a power outage.

I used to always say "I only look at on-chain data," focusing on order book depth, transaction intervals, and concentration of holdings... but now I also admit that only looking on-chain can miss one thing: whether the community is still willing to keep acting and chatting. Conversely, "I only look at sentiment" isn't enough either; even if it's lively, the order walls and liquidity don't lie. Anyway, I now look at both sides a bit, trying not to be overly confident during the hottest times. That's all for now.