Over the past two days, I’ve been watching NFT liquidity—and it feels more honest than the market… Once the floor price starts to soften, bids and asks begin to look “thin,” and you can tell a bunch of people say they’re holding long-term, but what they actually do is route small batches to exchanges in increments. Pretty clear, honestly. The royalty thing is also awkward—put plainly, when it’s hot, everyone’s happy to treat it like a community-building fee; when it cools down, it turns into “I’ll just survive first.” I used to let the narrative carry me—I’d look at whoever was shouting the loudest—but now I’m more used to watching transfer paths, checking whether those single-buyer scans are just the same set of addresses looping around. Recently, modular and the DA layer have got developers talking nonstop, and users look totally bewildered—NFTs are pretty similar. The narrative can light the spark, but liquidity decides how long the fire can keep burning. Anyway, I’ll keep following the footprints on-chain and not mythologize anyone.