I’ve looked at a few old NFT projects again these days, and I feel like liquidity is really quite honest: the floor price isn’t a “faith test”—it’s more like a thermometer for who’s still willing to buy in. Royalties are also awkward; if you want to keep building, you have to charge a bit, but once you start charging, transactions get even thinner—basically a tug-of-war between “staying alive” and “being able to sell.” Community narratives are the same too: when things are hot, every line sounds like a declaration; when they cool down, all that’s left are a few images and a bunch of overpromised roadmaps… These days, I’m actually more interested in whether projects have ongoing on-chain activity—no matter how small—rather than just talk. On the macro side, with rate-cut expectations and the dollar index, once the whole setup gets shaken up, risk assets all turn emotional together, and NFTs are especially an amplifier—hot and cold switch especially fast. Anyway, I’m treating it as a high-volatility collectibles market for now—don’t hype yourself up too much. I’m off to work.