Recently, the liquidity data for NFT trading has been giving me a bit of cold sweat: the floor price still looks decent, but the order-book depth is as thin as paper—once you really want to sell, people start stepping on each other’s toes. Royalties are even more realistic: after canceling or bypassing them, trading volume can rise a little, but actual income doesn’t keep up. No matter how hot the narrative gets, it just lights up people’s emotions for a while.

By the way, I also keep seeing everyone interpret NFT moves by linking ETF fund flows and US stock risk appetite with crypto’s up-and-down—yet I think this explanation is even more awkward when applied to NFTs. Even if the external winds are favorable, if on-chain buyers don’t come back, the hype just spins in place. I don’t regret the outcome itself; I regret that at the time I only focused on the floor price and didn’t pay attention to active buyers and net inflows… forget it, I’ll just write it down.