Lately, observing the liquidity in NFTs, I really get a sense of "it's lively, but when it comes to selling, you really see who's who." When the floor price rises, it's all about a few people taking turns; when the floor drops, the listings avalanche downward like an avalanche. Royalties are also quite awkward; ideally, they are meant to sustain creators and the community, but in reality, everyone only focuses on transaction friction. When platforms change rules, the narrative immediately cools down... Honestly, when the community narrative is hot, liquidity is like tap water; when it's cold, only a few drops remain.

These days, some people are linking ETF capital flows, U.S. stock risk appetite, and crypto price movements for interpretation. I also glance at them, but it's hard to use these to explain something like NFTs, which are more emotionally driven. Anyway, I prefer to take it slow, first checking if the protocol has real income and if people are continuously using it.
What I fear most isn't missing out on opportunities, but fooling myself into rationality after getting caught up.