Recently, when looking at NFT liquidity, honestly, there are only three things: whether the floor price is being supported or not, whether royalties are being collected or not, and whether the narrative is hot or not. When I was a newbie, I thought "floor price = minimum protection," but in reality, once you really throw money in, the floor is just a number, and no one lifts a finger even if the sell orders pile up into a wall. Now my understanding is: the floor is just a mood thermometer; when it's hot, everyone rushes in, and when it's cold, even people willing to negotiate are too lazy to bother.

Royalties are quite realistic too. During a bull market, everyone talks about "supporting creators," but once the market cools down, the first thing on everyone's mind is how to pay less in that small fee... Community narratives are even more mysterious. When it's hot, a single picture can be turned into a belief; when it's cold, even your announcements seem like mass advertising.

By the way, recently, the incentive/points system on the testnet has stirred people up again, with everyone guessing whether the mainnet will issue tokens. From my observation, once this expectation turns into "everyone's waiting for airdrops," NFTs tend to become chips rather than collectibles, and emotions can spike quickly, then fade just as fast. That's all for now; I'll keep watching the hype curve.