These past couple of days, I’ve been looking at NFT liquidity again. Plainly put: the floor price isn’t “value”—it’s the price quoted by the last buyer willing to take it off your hands. Royalties are pretty awkward too: when the market’s hot, everyone pretends to support creators; when it cools down, people start scouring for royalty-free routes all over the place. In the end, trades get even more fragmented and the slippage gets more outrageous. Don’t blame “fate”—blame the path you chose.

And someone asked whether, before or after an upgrade/hard fork of a major public chain, the ecosystem would migrate… This is the third time I’ve seen this kind of discussion. Whether it migrates or not can wait for now—if it really does migrate, the first thing that usually dies is liquidity. Once the narrative goes cold, bids and asks get paper-thin: one casual buy or sell, and you can smash through the floor price. No matter how hot the community’s chatter is, it can’t stop the cold, mechanical matching. Anyway, I’d rather buy a little less now than end up as “liquidity education” for others.