Lately, the liquidity of NFTs has been quite exhausting… The floor price looks okay when you watch it there, but once you flip the order book, the depth is exposed, buy orders are as thin as paper, and when someone wants to sell, everyone starts stepping on each other. Royalties are also quite awkward; if they set them high, everyone moves to zero-royalty markets, and if they set them low, they can't afford to sustain the team. In the end, only the "narrative" holds up, but when the narrative cools down, liquidity freezes instantly.

What's even more amusing is that on-chain large transfers and hot wallets moving on exchanges are immediately interpreted in the group as "smart money coming in," but looking back, many of these are just repositioning or risk control, which may have little to do with whether a series can recover its value. To put it simply, this wave of NFTs now feels more like a trade of emotions and credit, not based on numbers.

Right now, I’m watching two things: whether floor sales are truly continuous, and whether royalties actually cover basic operations. Other excitement is just background noise… But it’s not entirely hopeless; if a community can endure the cold spell, it’s actually more valuable, though very rare. Let’s leave it at that for now.