These days, I’ve also seen people watching on-chain large transfers and fluctuations in exchange hot and cold wallets as "smart money" interpretations. I also get the itch to take a quick look, but honestly, the more direct impact on NFT liquidity is still the floor price and sentiment. When the floor softens, the order book immediately reveals its thickness; when the floor is firm but no one is taking orders, it’s just for show. The royalty issue is also quite subtle: zero transaction fees can boost activity, but if the community narrative isn’t lively enough, it ultimately just becomes a back-and-forth among a few people, lively for a while then cold. Anyway, now I usually test projects myself with small trades first, to feel out slippage, transaction speed, and whether there are real discussions in the group, rather than just listening to hype on Twitter.