Lately, browsing NFTs feels a bit like riding an elevator: as soon as the floor price drops, people start looking for the handrail; royalties are more like "voluntary tips," when the market is hot everyone praises the creator's hard work, but when it cools down they complain about the ticket fee. Community narratives are also quite mysterious, yesterday still talking about sentiment, today the group only cares about "liquidity"... I no longer believe that "as long as the story is good, it can definitely withstand the downturn," anyway, it ultimately depends on who is willing to take over. By the way, I see everyone comparing RWA, US bond yields with on-chain yield products, and my feeling is: everyone wants stability, but when panic sets in, they run faster than anyone else. Forget leverage, the elevator is already crowded enough.