Recently, I looked at the liquidity of NFTs again, and the more I look, the more it seems like drawing a "boundary chart": the floor price is the outer contour, trading depth is the fill density, and royalties are the friction coefficient... To put it simply, when the narrative is cold, friction is high, and everyone is left only to test each other; the order book looks like a row of empty shells. When the narrative is hot, even if prices haven't moved much, transactions become much more frequent—it's quite mysterious but also very real.

Old users complain about the new L1/L2 incentive schemes of "mining, raising, selling," and it's actually similar on the NFT side: short-term liquidity increases, but most are just passing through; the floor price gets pushed up and then pushed back down, and community sentiment still has to be digested on its own.

There are many tutorials, but I actually prefer those retrospectives that blend royalties, market-making/ordering behaviors, and community rhythm together—at least they reduce some illusions and add more structure. That's all for now.