I’ve been paying attention to NFT liquidity lately. A drop in the floor price is pretty much the norm, but what worries me more is how the heat and chill in royalties and community storytelling seem to alternate. Some projects start out blowing things way out of proportion, and the result is that the floor price collapses—royalties get cut straight in half, or even disappear entirely—and the community breaks apart along with it. Bottom line, it still comes down to the underlying logic: is the contract truly secure, is the community truly doing work, and not just repeating slogans.

What’s also kind of interesting is that lately, in the AI Agent and automated trading space, some projects are selling a narrative, but when you look closely at the code and audit reports, there are all kinds of vulnerabilities—it’s pretty nerve-wracking. I looked at a few and later found they hadn’t even implemented basic lock-up mechanisms properly, so I immediately unsubscribed. Sometimes, moving fast isn’t as good as seeing clearly.

Anyway, liquidity is like a hummingbird gathering nectar—you go wherever the sweet nectar is—but you still have to make sure the nectar is real first. That’s it for now. When I have time, I’ll dig through the audit reports again and see if there are any new traps.