I took a look at the floor prices of a few NFT projects—it's so quiet it feels almost unreal. Back then, royalties and community “trade call” announcements were tightly bound together. Now the project teams themselves are cutting royalties to compete for liquidity. Plainly put, it’s: “I’d rather earn less than risk getting stuck.”

The community narrative has also shifted. Before, people hyped the blueprint and the roadmap. Now everyone cares more about whether they can break even and whether they can exit quickly.

That said, news about a region recently raising taxes has come out, and there’s been a lot more discussion in the groups about psychological expectations for withdrawals. In the past, people thought “on-chain confirmations” were some kind of magic. Now they feel that the number of confirmations is what’s truly safe—anyone who’s been through a rollback knows what I mean.

Anyway, my attitude toward NFTs right now is this—back up your own liquidity and don’t put all your hopes into a single community narrative. Add a bit more redundancy, keep your heartbeat steady. For now, that’s it. The market isn’t good, but it’s not so bad as to be completely hopeless.