Lately, scrolling through the NFT crowd, it’s a bit of a cold joke: the floor price is like a broken elevator—going down without stopping; but in the group chat, people are still yelling that the narrative is warming up. Put simply, once liquidity leaves, royalties turn into that “air tax” everyone ends up complaining about—when the market is hot, they pretend they don’t see it; when it’s cold, they start blaming you for taking your cut. It’s pretty realistic.

What I’m more bothered by is that some projects talk about community consensus on one hand, while in the contract they plug you with unlimited authorization/upgradeable agent/proxy stuff—backdoors opened wider than the storefront… No matter how hot the narrative is, it can’t survive getting drained in a single hit. Anyway, when I look at NFTs now, I first check whether I can exit (order book depth, how often trades happen), then whether the royalties are reasonable, and only then do I look at the story.

By the way, I also saw discussions again about funding rates being extremely lopsided—whether it’s a reversal or just continuing to squeeze the bubble… I just want to say: once sentiment turns, NFTs—being the most liquidity-dependent—are more likely to be the first to take the blow. Don’t just stare at “the floor price is cheaper.”