Recently I looked around at NFTs—the floor price has been falling pretty badly, but some projects are still hard at it, keeping themselves afloat by having the community call buy orders and sharing royalty revenues. Honestly, liquidity is too poor right now: there are fewer buyers and more sellers. When the floor price drops, people start panicking and dumping, and royalties shrink too. No matter how lively the community narratives are, they can’t hold up against a quiet market. That said, some projects do really know how to entertain—running a few fun activities to help keep the floor price stable—but that’s about it.

Recently I saw funding rates hit extreme levels. Everyone’s guessing whether this means a reversal or more bubble-pushing, but I think, in the NFT space, you still have to see whether the project team has real substance—don’t just sell promises. The ones that set up anti-sniping mechanisms may, in fact, cost less in terms of “tuition.” For now, that’s it.