When it comes to NFT liquidity, it really feels a bit like the door of a refrigerator: day-to-day it’s covered with stories and slogans, but once you open it to grab something to eat (sell), you find it’s empty inside. Once the floor price drops, the thickness of the order book right away gets thinner; royalties are still there, taking a bite, and buyers are even less willing to catch the “flying knives”... To put it simply, everyone is waiting for the “next story,” but once the story turns cold, it’s just cold.

Some communities shout about co-building every day, and I can’t help but first look at permissions and the levers for upgrades: can you change the metadata with one click, can you casually add minting, and can the payout/distribution address be changed at will. When narratives are hot, nobody asks these questions. Only after liquidity disappears do they start lobbing insults at each other—it’s pretty frustrating.

That whole “chain game” crash pattern is also pretty similar: inflation + studios over-rolling, and once the coin price spirals, in the end it’s just “you go first to take the fall.” So now when I look at NFTs, I’m not even focusing on the pictures—I’m first checking where the exit channels are... Anyway, I’m cautious; I’d rather miss the excitement.