Lately, I've been reflecting a bit while browsing NFTs: the floor price still seems to be there, but when I really want to sell, the depth is as thin as paper, with rows of listings, and only a few transactions happen. Royalties are also quite awkward—if you collect them, trading becomes colder; if you don't, no matter how hot the narrative is, there's no sustained funding... Honestly, liquidity is the key.

Recently, when I look at projects, I don't really buy into the "community narrative taking off" approach anymore; I focus more on whether there's stable buying interest, whether the floor collapses at the slightest touch, and how outrageous the actual slippage is from aggregator routing. By the way, I want to complain that now everything can be linked to ETF capital flows and U.S. stock market risk appetite, as if crypto price swings need a macro daddy to claim... But often with NFTs, when the sentiment in the small pools cools down, there's simply no water left. Anyway, better to be cautious and not treat the floor as liquidity.