I'm not very good at telling lofty stories, but recently, when it comes to NFT liquidity, it really feels like "it's colder when it's cold, and when it's hot, it's all about emotions." When the floor drops, listings look like queueing to refund tickets; royalties are even more awkward: collect them, and trading decreases; don't collect, and creators feel like they're working for free. To put it simply, many projects rely on the community's spirit to sustain themselves. When that spirit disperses, all that's left are a bunch of images and a bunch of people waiting for a rebound (including me...).

What's even more subtle is that recently, the group has been arguing fiercely over privacy coins/mixing and compliance boundaries. When everyone gets nervous, they tend to avoid "seemingly opaque" things, and even NFTs, which originally rely on trust and consensus, can easily be affected by emotions. Anyway, I now only mint on-chain when gas fees are cheap, not chasing the excitement, and not rushing to copy when things cool down—just going with the flow.