Lately, I’ve been looking at NFT liquidity again. To put it plainly, in many cases the floor price is just a “thermometer” of whether it can be sold immediately—it’s not the valuation of the artwork itself. Royalties are also kind of awkward: if you set them high, trading gets colder; if you set them low, you worry the team won’t have the motivation to keep telling the story… Once the community narrative heats up, everyone is willing to place orders and step in to absorb; when it cools down, listings, one after another, turn into mere decorations. The macro situation is also pretty chaotic—once rate-cut expectations come in, the US Dollar Index and risk assets swing together, and for more emotion-driven assets like NFTs, it’s even more obvious. As for the “long term,” I’m now more inclined to look at it on a quarterly basis—at least it helps filter out one or two waves of emotional fluctuation. Of course, it might just be me giving myself a less anxiety-inducing yardstick.