Lately, when looking at NFT liquidity, it feels like the floor price is often a mixture of "emotion + token structure": the order book is extremely thin, a few people sweep it up and it seems to take off, then when they let go, it crashes again. Honestly, it's not genuine demand. Royalties are also quite awkward; if they are too high, trading decreases even more, and if they are too low, creators have no motivation to keep telling stories or producing content. When the community narrative cools down, liquidity directly freezes; but conversely, when the narrative heats up, everyone is willing to tolerate lower royalties as a kind of "ticket." By the way, I want to complain that recently, on-chain data tools and tagging systems are said to be lagging or misleading, and I believe it... If you look at the "smart money" tags and chase after them, they might have already split their positions and run away. Anyway, when I look at NFTs now, I don't put too much faith in a single floor price or tags. I'm more interested in who is continuously buying in, who is continuously producing, and where the selling pressure is actually hiding.