Recently, watching NFT liquidity feels a bit like checking the weather: when the floor price drops, the bids immediately thicken, but there aren't many actual transactions. Royalties are also quite realistic; everyone talks about supporting creators, but when the market dips, they start looking for ways to bypass royalties—anyway, the money needs to survive first, then talk about ideals. Community narratives are even more mysterious; when it's hot, a single "faith" can outweigh ten pieces of art, but when it's cold, no one even flips the roadmap... However, these days I see some people interpreting large on-chain transfers and unusual activity in exchange hot and cold wallets as "smart money," and I can't help but laugh: in NFT, smart money is often just the one who knows how to withdraw liquidity best. I prefer to be cautious, willing to accept less volatility, rather than being led by narratives to become the last one holding the bag.