Over the past couple of days, watching the liquidity in NFTs, it really feels like winter milk tea—cold sets in fast, and warmth passes just as quickly. Once the floor drops, the narratives that used to be blaring instantly go silent, leaving only a few standing orders there, probing each other. Royalties are even more awkward; to be frank, everyone wants creators to keep working, but the moment trades start happening, people begin to complain that it’s too expensive… I get it—when liquidity is poor, even an extra 1% feels like a stab to the heart.

Coincidentally, that major public chain is about to upgrade/maintain, and in the group everyone’s speculating whether ecosystem projects will migrate. I don’t know if they’ll move or not, but around every node like this, the first thing the NFT order book shows isn’t technical problems—it’s “a confidence discount,” pure emotion, not tech.

Right now I’m buying with a small position as my ticket. If I can catch a bit of community activity, I’ll treat it as making friends. If you really want me to go all-in to chase the narrative’s peak… forget it. I’d rather make a little less—at least I can sleep at night.