Lately, NFT liquidity has been a bit of a warm-cold cycle: the floor looks pretty steady when you’re just looking at it, but once you actually open up the trading and see the numbers, the depth is as thin as paper—just one or two trades can punch a hole right through the narrative. Royalties are awkward too. To put it simply, everyone wants a “community vibe,” but the moment it’s time to actually pay up, people start comparing who can get around it better. Anyway, when I look at projects now, I first check whether the team wallet is being straightforward—whether there’s room for them to quietly drain away liquidity. No matter how hot the narrative is, there still has to be a way to sell.

Recently, the testnet incentives and points system have pulled people’s emotions back up again. In the group, everyone keeps guessing whether the mainnet will issue tokens… I don’t really dare to treat this kind of “expectation” as liquidity. When things are hot, it can drive momentum, but when it cools down, you just end up with a whole mess of resting orders on the books. There are lots of tutorials, but I actually prefer the ones that teach you how to judge from on-chain trade/order structure—whether there’s really buying demand beneath the surface. It’s more useful than just hyping a story. That’s it for now—paying less “tuition” matters most.