Lately, watching NFT liquidity has been quite exhausting: the floor listings look lively, but when it’s time to actually make a move, it’s like stepping into cotton—slippage is worse than trading perpetuals. Royalties are also awkward; if you collect them, trading becomes more scarce; if you don’t, the community narrative easily turns into “just flipping the floor.” Honestly, when things are hot, everyone’s stories sound good; when it cools down, all that’s left is who’s willing to take the next step.

And then there’s that main public chain upgrade/maintenance, where everyone in the group is guessing whether projects will migrate. My first reaction is: don’t migrate or not, just see if on-chain transactions suddenly drop off… The narrative can change, but a liquidity crunch is the real pain. Anyway, I now prefer to test with small positions; being able to exit smoothly is more important than fitting into the story.