Recently, I've been looking at NFT liquidity again, and it feels just like those high APRs in DeFi that seem really attractive—when it's hot, everyone only focuses on the floor price, but when things cool down, you realize the trading volume is as thin as paper. Royalties are also quite delicate: charge too much, and buyers dislike it; don't charge at all, and creators and the community have no cash flow to keep going, so in the end, only narratives are left to hold things up. The group also keeps talking about stablecoin regulation, reserve audits, and de-pegging rumors—basically, everyone is just afraid of "suddenly stepping into a trap." NFT is more straightforward—when the narrative cools, the floor price just slides down on its own... I now mostly dare to hold small positions and diversify a bit, preferring to miss out on the hype rather than be the last one holding the "community consensus" that gets dumped.