Recently, watching the liquidity of NFTs really feels like observing the changing moods of people: when the floor price softens, even the hottest narratives quiet down first; when the floor price hardens, royalties start being brought up again to stir trouble, honestly all just to make the bagholders stay a little longer. As a "liquidity intern" who’s about to exit, I’m even more sensitive—who suddenly calls for community consensus, who suddenly organizes events to boost hype, my first reaction isn’t moved, it’s thinking: is someone about to dump their holdings...

Outside, people are still interpreting ETF capital flows, U.S. stock risk appetite, and crypto price movements as if they’re all connected by a master switch. But often with NFTs, it’s not macro at all, it’s micro—whether someone is willing to buy your picture or not.

What I fear most isn’t slow movement, it’s chaos—slow at least means you can queue to leave, chaos means everyone’s stepping on each other at the door. That’s all for now.