Two things happened simultaneously on Solana:

Exchange Art, one of the largest NFT platforms on Solana, announced it will shut down on August 1. Reason: "market downturns."
In the same market, a new wallet went 20x long on 230,583 SOL ($18.81M), with an unrealized profit of $818K in a day.
SOL rose 22.9% this week. From $66 to $81. But the NFT platform is dead.
Price and ecosystem no longer recognize each other.
This divergence is not new, but today it has reached an extreme: NFT platforms need retail traffic to survive. Retail runs away → platform shuts down → retail has even less reason to come → death loop. But the perp market is thriving—leveraged capital doesn't care about the ecosystem, only liquidity.
In 2022, ETH went through the same script: OpenSea's traffic collapsed, multiple NFT platforms shut down, but ETH price had already bottomed at $ 1,100. NFT platforms continued to die for another year, but the price had already moved ahead.
Prices lead the ecosystem by 6-12 months in bottoming. Platform shutdown ≠ price bottom. It could be that prices have already bottomed, but the ecosystem will take another six months to fully clear out.
The most retail-unfriendly narrative: when SOL dropped to $66, everyone cursed "the ecosystem is dead"; when it rose to $82, everyone said "fundamentals are back." But the people in the ecosystem either have left, or have left.
Which platform are you providing exit liquidity for when buying SOL?