These past few days, I've been looking at NFT transactions and listings again, and it looks quite like a pot of warm water: the floor isn't supported by "optimistic" expectations, but more by the density of listings and the patience of a few big players. Royalties are the same; in the same image, when royalties are higher, short-term liquidity becomes more fragile, and people are more willing to pass by places without royalties; but if royalties are too low, community narratives tend to cool off easily, and creators run out of funds and stop updating. Basically, heat and sellability are pulling against each other.

Recently, new L1/L2 projects are offering incentives to attract TVL, and veteran users complain "mining, selling," and I think the NFT space is similar: when reward/airdrop expectations rise, trading volume heats up for a while, but it cools down just as quickly. In the end, it still depends on whether someone is willing to keep telling stories and doing things when no one is watching.

I've set my goals lower: not chasing "the next big narrative," but just watching the changes in listings a few tiers above the floor of a few projects. If I can understand it, I participate a little; if not, I just let it go. This way, I can stick to it better and not be too driven by emotions.