Recently, I took another look at the NFT floor prices, and the truth is: the liquidity is just too fragile. When it’s hot, a single “community narrative” can blow people up with hype; when it cools down, everyone only cares whether they can sell immediately. Even the whole royalties thing is pretty awkward—if you collect more, there are fewer trades; if you collect less, it just loops back to “so what am I even doing this for?” If back then many projects hadn’t treated royalties like a belief and had made clear, early on, how to use the buybacks (i.e., how that return flow should be handled and carried out in practice), things might not be such a mess now. Not to mention the tagging systems of those on-chain data tools—sometimes they’re really lagging, or they get reshaped after people “set the pace” and steer everything. Looking at it, what gets called “smart money” may just be a story. Anyway, when I look at NFTs now, I focus first on the exit routes, then on the narrative—there’s no romance in it.