I'm not very good at telling grand narratives, but recently the liquidity of NFTs has been quite intuitive: when the floor price softens, listings look like a queue to escape, yet transactions are painfully few. Royalties are also awkward; frankly, everyone wants creators to keep producing, but once a "bypass" loophole opens, the first reaction of buyers and sellers is to find a cheaper fee route. The community may shout support, but their actions are still very honest.

What's even more deadly is that the narrative switches too quickly between hot and cold. Yesterday it was "cultural consensus," and today it's "I want to break even first." Recently, I've also heard rumors of increased taxes and tighter or relaxed compliance in certain regions. Expectations for deposits and withdrawals tighten, and everyone becomes extremely sensitive to "whether they can withdraw at any time." NFTs with poor liquidity are even more likely to be seen as hot potatoes. Anyway, when I look at projects now, I don't just consider how good the art looks; I first check if there's real turnover in the secondary market and whether the team is firm about royalties. Otherwise, it's easy to buy into a story that can't be sold.