Recently kept an eye on the transactions of a few old NFTs, and the floor price seems to be practicing yoga: it can go down or hold steady, but there's just no liquidity... You watch it for fun, but when you really want to sell, you find the opposing orders hiding like cats. Royalties are even more awkward; honestly, everyone wants to support creators, but when the market is cold, the first thing to get cut is the "sentiment tax," and then the community narrative starts to fluctuate—sometimes calling for rebuilding, sometimes pretending to be dead.

What's even funnier and more frustrating is that someone in the group compared it to on-chain yield products, even bringing up RWA and U.S. Treasury yields: what cash flow does your JPEG have? I thought to myself, of course the narrative isn't about cash flow... but I still couldn't help but check the contract and trading records to see if there's some "smart money" playing tricks in the corner. For now, be cautious and don't get carried away by the hype.