Over the past couple of days, I’ve checked a few more NFT order books. The floor price is really just a thermometer of sentiment: the thicker the orders, the colder the narrative—and once people want to leave, they start stepping on each other. Royalties are also pretty awkward: if you collect them, liquidity gets even tighter; if you don’t, creators and ongoing maintenance have no incentive, and the community is left only shouting slogans. Put simply, NFT liquidity often isn’t about whether there’s money—it’s about whether people are still willing to carry on talking about it. When new L1/L2s roll out incentives to attract TVL, old users start complaining about mining, selling, and “dig-and-dump”—and I get that too… Capital comes quickly and leaves just as fast; once the hype dies down, the floor price is the first to react. Anyway, for now I pay more attention to on-chain activity and whether developers keep delivering—no matter how hot the narrative is, if nobody’s doing the work, it can’t last.