These days, I took another look at NFT order listings, and the floor price looks quite stable, but in reality, it's just that liquidity is so thin that a gust of wind can move it. Royalties are also very practical: when it's hot, everyone talks about supporting creators; when it's cold, they start calculating, "Can I sell better if I pay less..." Basically, emotions change faster than rules. The community narrative is the same—when it's lively, it feels like a collective dream; when it cools down, people are too lazy to even scroll through group chats.

Recently, everyone has been comparing RWA and U.S. Treasury yields to on-chain yield products, but I actually think NFT here is more like a "zero-interest asset," relying entirely on stories and trust. Once the story breaks, it's hard to pick it back up. Anyway, I just hold a small position, as a temperature gauge for the cycle, for now.