Lately, I've been a bit emotional about flipping NFT projects: the floor price still seems to be there, but liquidity feels like it's been drained, with a bunch of listings but very few actual transactions. Royalties are also quite awkward—if you collect them, buyers complain about the high cost, and trading becomes even colder; if you don't, the project team has no money to tell a story, and community enthusiasm can't hold up... Anyway, everyone is just choking each other.

I'm just someone who focuses on structure and swings, and I feel that now, "narrative" is more fragile than the charts. When it's hot, a single statement can lift the floor; when it's cold, there's not even a buyer willing to take the plunge. Plus, recently, everyone has been complaining about the unfairness of validator/MEV sorting, retail traders get wrecked by slippage, and the remaining on-chain liquidity is even more hesitant to move. I'll wait and see; if I get the itch over the weekend, I might go small and play as a degenerate again—just don't get too caught up.