I tried a small experiment once: I picked a somewhat trending but not top-tier NFT series, observed the floor price and order book depth for two weeks, and conveniently toggled the royalty fee on/off (mainly based on market defaults and the attitude of a few big sellers), dividing them into two groups for comparison. The result was pretty straightforward— the more "rigid" the royalty, the less stable the floor price might be, but trading volume would noticeably thin out, with the order book like a thin layer of ice, slipping away with a slight rush to sell; the more "loose" the royalty, the more active the trading, but once the community narrative cools down, the floor can't hold either, and everyone runs faster.

Recently, that kind of debate about whether royalties should be mandatory or not, I stand somewhere in the middle, leaning towards realism: honestly, if secondary liquidity is poor, creators might not even earn more, and traders just stop playing. For me, NFTs now feel more like emotional assets; the floor price is just an appearance. What really determines whether you can walk away is: order book depth + whether the community is still hot. Anyway, I stopped touching those with only narrative and no liquidity—too exhausting.