Recently, I checked the transaction volumes of several NFT projects again, and I feel that liquidity is really quite "emotional": the floor price looks stable, but it's actually as thin as paper, and a single withdrawal of an order can wipe it out. Royalties are even more awkward—if you collect them, liquidity gets worse; if you don't, the narrative is missing a piece, and the community starts to cool off. Basically, no one is willing to supply blood long-term.

Seeing new L1/L2 projects issuing incentives while pulling TVL, old users complain "mining, selling," and I can understand... Incentives are like a shot of adrenaline—they come fast and go just as quickly. The same applies to NFTs; when it's hot, everything depends on the story, and when it's cold, only the order book remains.

Now I’m more like patching myself: not chasing the hottest floors, but looking at holder structure and chat atmosphere, buying less, taking it slow—only when I can withstand the cold start's chill can I talk about long-term.