I feel like the "liquidity" of this wave of NFTs isn't that optimistic after all; the floor price still looks stable, but it seems more like someone is holding it up and not wanting it to look too bad. The reason is simple: with low royalties, trading volume and flipping become more frequent, and prices are lively in the short term, but when it’s time to sell, you realize there aren’t that many buyers… The community narrative is the same; when things are hot, everyone is telling stories, but when it cools down, all that’s left is “Why haven’t I sold after three days?” Recently, spot and contract fee rates are extreme again, and in the group, people argue whether to reverse or keep squeezing the bubble. I think it’s all the same: when emotions are high, liquidity always seems better than it actually is. Anyway, I’m now more concerned with trading depth and holder changes; the floor price can just be used as a reference.