These past couple of days, I’ve been watching NFT liquidity, and it really feels like the weather suddenly turned gray… The floor price is like a thermometer: when it’s hot, it shoots up all at once; when it’s cold, limit orders line up in a row, but the trades feel like they’ve been frozen. Royalties are also pretty delicate—set them high and everyone complains they’re too expensive and switches to zero royalties; set them low and creators end up with no food to eat. Even if the community narrative stays hot, it’s still easy for things to fizzle out. Plainly put, it all depends on whether that “someone is willing to take the deal” kind of air is still there.

Recently, new L1/L2s have started rolling out incentives again to pull up TVL. I genuinely empathize with what long-time users complain about—“mine, then sell.” NFTs are the same, too: when the narrative heats up, people start digging; when the hype fades, all that’s left is a patch of emotions waiting to be unlocked. There are tons of tutorials, but I actually prefer the ones that explain how to tell whether liquidity is just fake excitement, rather than the ones that tell you which profile picture to chase. Anyway, I’ll stay still for now and watch transaction depth and changes in holders… If I end up losing, at least I’ll be able to review and recap.