Recently, I stumbled across a few old NFT plates again. Back when things were lively, everyone was shouting “community consensus” and “narrative flywheel.” Now the trading book is as thin as soup with no added water. The floor price is actually pretty honest: if more people truly want to sell, no matter how much lore you write, it won’t hold. Royalties are more like an emotional switch—when people are making money, they’re willing to “support creators,” but the moment things weaken, they start looking for shortcuts in the secondary royalty market. In plain terms, everyone’s just calculating their own liquidity costs. The same goes for the modular and DAO wave: developers chat enthusiastically, while users are left baffled—what does all of this have to do with the JPEG in my wallet? Anyway, when I look at NFTs now, I first see whether I can sell, how long it will take to sell, and then I look at the story.