I just closed that small monitoring window, so my eyes can rest. Recently, watching NFT liquidity really feels like observing human emotions: when the floor price drops, everyone suddenly starts talking about "long-term value"; when it heats up again, they complain that royalties are a nuisance, and placing orders becomes a race to see who can run faster. To put it simply, the narrative is the fire; when the fire diminishes, only smoke remains; when the smoke disperses, liquidity also evaporates.

In the group, these past two days, people have been sharing screenshots about stablecoin regulation, reserve audits, and various "de-pegging" concerns, with emotions spreading faster than information. Anyway, I now believe one thing more: when everyone is unwilling to pay royalties, you can pretty much forget about anyone paying for the story. That's all for now.