In the past few days, I’ve looked at several rounds of NFT transactions, and I feel that liquidity is really quite "emotion-driven": the floor price looks stable, but in reality, it’s often just a pile of listings that create a decent appearance. Once someone is in a hurry to sell, it’s as thin as paper. Royalties are also quite awkward; honestly, everyone wants to support creators, but when it comes to selling, everyone tries to save a little, and on-chain data is very honest.

When the narrative is hot, the community shouts loudly; when it cools down, only a few old-timers are still hyping themselves up, and the floor price and royalties become sensitive indicators together. Recently, new L1/L2s are offering incentives to boost TVL, and I can really empathize with veteran users who complain about "mining, then selling." The NFT space is similar: when it’s hot, everyone rushes in; when it cools, everyone dumps. Anyway, I won’t chase sudden volume spikes now; I’ll wait for the emotional turning point to show itself. If I miss it, so be it.