Over the past couple of days, I’ve been browsing the NFT market, and the floor price feels like it has the cadence of an electrocardiogram—when there’s no volume, staring at it doesn’t help at all… royalties are even more awkward: if you set them high, no one trades; if you set them low, creators feel like it’s been work for nothing. In the end, it still comes down to whether the community’s narrative can keep “cold” from staying cold and warm it up. The problem is that when it’s hot, everyone talks about faith; when it’s cold, all that’s left is pending orders trying to scare each other.

Recently, people have been discussing social mining and fan tokens again—saying that attention is mining. It sounds pretty smooth, but attention runs off faster than liquidity. Plainly put, it’s just an emotional switch. Anyway, I’m still sticking to the same approach: I’m not adding to my position and I’m not asking for miracles—if you can leave, then leave. You said, “As long as the narrative is strong, you don’t have to fear illiquidity”… yeah, but not so fast.