Recently, I’ve been sorting through my pile of fragmented little collections, and the more I look, the more it feels like, plain and simple, NFTs are ultimately decided by liquidity. Once the floor price softens, no matter how good the narrative looks, it can suddenly turn cold; even chat groups get quieter… On the flip side, there are some artworks I genuinely like and my taste really clicks—but after I list them for half a day with no takers, I realize that “liking” and “being able to sell” are two completely different things. The royalty fees are also quite tangled: creators have to make a living, buyers are worried they can’t get back out, and in the end everyone’s just staring at which market might route around the royalty terms—honestly, it feels pretty awkward.

In the last couple of days, outside chatter has also been about rate-cut expectations and the U.S. dollar index, and that whole vibe of risk assets wobbling together can spread to NFTs too: some people get more bold and charge in, while others immediately pull back—liquidity is like the tide; it comes when it wants and leaves when it wants.

Next time, I’ll probably be more selective about series with decent trading depth and communities that are still talking. I won’t be stubbornly holding onto small-scale market making anymore. When you buy NFTs now, are you mainly looking at the narrative—or do you check first whether someone’s willing to be the one to take the bag?