I'm not very good at discussing the "cultural value" of NFTs; listening to it too much can be sleepy, but I'm quite sensitive to liquidity. The floor price is actually the most straightforward emotional thermometer: when the narrative heats up, listings thin out, and everyone dares to shout; when the narrative cools down, the floor feels like it's losing air, and no one wants to be the last to buy in.

Royalties are also quite awkward, honestly it's a tug-of-war between "giving creators a long-term income" and "making transactions smoother." If royalties are a bit higher, secondary trades become more sticky, and poor liquidity leads the community to just hype themselves up; if royalties are so low they have no presence, project teams start relying on new narratives to keep going, ultimately returning to "telling stories to stir emotions."

Recently, with some places talking about tax increases and tightening/loosening regulations, the expectations for deposits and withdrawals have become very realistic: when people get nervous, they want assets that can be moved at any time. NFTs, which rely on consensus to continue, are like parties when lively, but when it’s over, only the floor remains to face the music. Anyway, I now look at NFT order book depth and trading rhythm first, and put stories second, to avoid being caught off guard by UX and risks again.