Recently, looking at NFT liquidity really feels like watching a mood thermometer: when the floor price drops, no matter how hot the narrative is, it can't hold; when the floor heats up, royalties start being criticized as "extraction." To put it simply, liquidity doesn't come from faith; order book depth, deposit and withdrawal costs, and willingness to buy in are the real factors.

What I’m more concerned about now is: how project teams and communities clearly explain "what is gained in exchange for royalties," and whether wallet/treasury permissions are transparent, whether multi-signature processes can prevent impulsive decisions. Don’t claim community co-creation while the core wallet permissions are unclear... that’s basically setting a trap.

By the way, recently the incentive programs on testnets and the expectations for token airdrops have heated up again, and everyone is guessing whether the mainnet will issue tokens. It’s lively, but if they don’t issue tokens in the end, the mood could easily fall back; don’t treat it as fate. That’s all for now.