These past two days I’ve been watching NFT liquidity, and the floor price isn’t really as “consensus” as it looks—it’s more like it depends on who’s willing to be the one stuck holding the bag. Royalties are also pretty delicate: if they’re too high, people don’t want to adjust or cancel their orders; if they’re too low, the community feels like the narrative has been drained. Basically, when the market’s hot, everyone tells stories; when it’s cold, all that’s left are the trading depth and the cost distribution sitting there.

Recently, cross-chain bridges have been hacked again, and oracles have also posted abnormal quotes. On-chain, there’s a whole culture of tacit understanding to “wait for confirmation,” and I feel this kind of caution may spread to NFTs too: I’d rather be half a step late than buy a piece whose liquidity is as thin as paper. I’m just someone watching net inflows and active addresses—so I’ll observe first, and don’t rush to let emotions get hyped up.