Recently, I checked a few old NFT listings again, the floor looks stable, but honestly, once you look at the depth, it’s pretty discouraging: just a couple of tiers down, there’s almost no volume, and if someone tries to sell out, the slippage could kill the hype. Royalties are also quite delicate; charging high makes everyone take detours, charging low makes the narrative hard to sustain, and in the end, it all depends on community sentiment holding it up… But emotions can cool down faster than a bear market. I think the collapse of the chain game scene is similar: once inflation kicks in, studios enter the market, and the coin price spirals, no matter how hot the narrative is, liquidity can’t be saved. Anyway, when I look at NFTs now, I first consider whether I can “leave anytime,” then talk about faith.