Lately I’ve been looking at the floor prices of a few old NFTs again, and it doesn’t feel like the most real change is how much they’ve dropped—it’s that the liquidity has just vanished: orders are piled up, but trades suddenly stop, like trading has gone dead. Royalties are awkward too. When the market is hot, everyone says they support creators; when it cools down, people start dodging, and it turns into a competition over who’s more “sparing.” In plain terms, once the narrative ebbs, the rules become a burden. The community is the same: when things are lively, it’s all stories; when it goes quiet, you can’t even find a decent discussion—only announcements entertaining themselves. I’ve always said not to treat announcements as fundamentals. Recently, that staking setup claiming “shared security + compounded rewards” got criticized as a copycat, but I think it’s very similar to the NFT side: when it’s hot, stacking one layer on top of another is called innovation; when it cools down, all that’s left is risk being passed along. I still believe some communities can make it through the cold spell, but for now, that’s just how it is—let’s watch.