Just brushed up on on-chain data until my eyes are sore… NFT has really experienced ups and downs lately. When the floor drops, everyone talks about “long-term narratives,” but in practice they just move their listings lower, and liquidity is so thin it’s like paper. Royalties are even more awkward—if they want to preserve community income, buyers see the cost and run; if they don’t collect, it easily turns into just a shell for flipping floors.

Recently, retail investors have been complaining again about validators/miners taking too much, and MEV and fair ordering are basically “why do I keep buying at the high points?” When emotions run high, things like NFTs, which rely more on atmosphere, can’t hold up. Anyway, I’m only watching the wallet addresses of a few old projects and exchange inflows and outflows now—it's lively, but don’t get caught up in it first.