Recently, I’ve seen a few waves of NFT “the floor is holding steady” takes. My first reaction is still to check the trading depth: there are plenty of orders sitting on the books, but not many actual fills. So the floor looks more like emotional scaffolding than liquidity. The whole royalties thing is also pretty awkward. I understand why creators want long-term cash flow, but when everyone just wants to fast in and fast out, royalties turn into friction—when trading cools down, it becomes even harder to keep the narrative sounding hot.

Put simply, community narratives are often used to find reasons for liquidity. When it’s hot, they talk about culture, talk about identity; when it’s cold, it’s all that’s left: “don’t cut us off.” Lately, the backlash around the staking/shared security setup—being a nested, “layered” scheme that people call out—has been pretty normal too. The compounded yields sound great, but once the path gets longer, the question of who ends up bearing the tail risk starts to get blurry.

These days, I trust data more—not because the data is absolutely accurate, but because intuition is so easy to get carried away by the heat in the group… For now, that’s it.