In the past few days, when looking at NFT liquidity, it still seems unavoidable to consider floor prices and royalties. The floor price is like a thermometer; a drop doesn't necessarily mean the project is bad, more often it's because no one wants to be the last to buy in as liquidity dries up. Royalties are also quite realistic—if they are set high, transactions become thinner, and everyone prefers to go somewhere to "save on fees"; if set low, the team has no money to tell stories or deliver, and community narratives tend to cool off easily.

Right now, I pay more attention to the "thickness of orders below the floor" and whether the community is continuously producing content—not just slogans, but willing to openly discuss progress, budgets, and even mistakes. Recently, I heard that some regions are tightening and loosening taxes and compliance regulations, causing expectations for deposits and withdrawals to fluctuate. The small cash reserves in everyone's hands become more cautious, and non-essential NFTs are being cold-shouldered first. Anyway, I prefer to take it slow, hedge where I can, and not treat emotions as liquidity.