Lately, browsing the NFT community, it feels like the floor price line is becoming more and more like a "temperature gauge of sentiment": when it's hot, everyone pretends not to care about royalties; when it's cold, they start calculating precisely, and the order book quickly pulls liquidity. Frankly, the floor isn't about consensus; it's about whether the exit route can be smooth. Community narratives are also quite mysterious—no matter how passionate they sound, when on-chain transactions dry up and royalties are bypassed, they immediately show their true colors. (People like me, when seeing the floor price dip gradually, first check the order book depth.)

And recently, there's been some public opinion using ETF capital flows and U.S. stock risk appetite to explain crypto price movements... It sounds quite reasonable, but when applied to NFTs, it's more straightforward: when outside risk appetite shrinks, the first to lose liquidity are these "storytelling" projects. Anyway, I'm not paying attention to who shouts the loudest now, but who pulls out first and how fast they do it.