It feels like the liquidity for NFTs is still a bit “cold” this round—not crashing, but the kind of situation where you think it will bounce back and then you reach in and get a handful of ice. The reason is straightforward: once the floor price doesn’t get sold, no matter how hot the community narrative gets, it’s just people warming themselves up in a group chat; the royalty situation is also pretty awkward—charge too much and buyers hide, charge too little and creators’ hearts go cold. In the end, everyone just watches to see who will make the first concession.

Recently, the airdrop season plus task platforms with anti-witch measures have made things feel even more like clocking in for work—once you bring in a points system, all the attention goes to “quantifiable rewards.” And for NFTs, which rely on emotion and stories to stay hot, the hype is even easier to evaporate. Anyway, whenever I see something exciting now, I’ll go check the transaction depth and the open orders first—so I don’t get moved by that “we’re very united” feeling and end up being the one who takes the last baton… For now, that’s it.