These days, I've been looking at the floor prices of a few old NFTs again, and it feels like liquidity isn't really determined by "how well it's drawn," but more by whether the community narrative is hot or not. When it's hot, the order book is thick like a wall, and everyone is willing to tolerate the royalties; when it cools down, even 1% feels expensive, and people turn to zero-royalty routes, resulting in the floor price getting thinner and thinner, and even a slight rush to sell can break through it.

Honestly, in the end, royalties come down to consensus: you need to make holders feel that "paying this small amount is keeping the story alive," otherwise it just becomes a pure friction cost. Recently, memes and celebrity hype have diverted attention again, and newcomers are rushing in strongly, but I think the old players' advice of "don't take the last baton" is pretty solid... I personally prefer to take it slow now, prioritizing trading depth and order distribution, and if the hype is just shouting, I’ll just pass by. Anyway, I remember very clearly the cost of a rug pull.