Lately I’ve been browsing NFTs, and it really feels like liquidity is ice-cold. Floor prices slide down like a waterslide—you end up dropping sooner or later. Back then, people talked a lot about those 8% and 6% royalties, but these days basically nobody brings them up anymore. The community narrative was lively for a while too, but let’s be honest—now what everyone cares about is whether a project can outperform the broader market, or whether they might just outright lie low.

I personally think there’s a downside to the cold, but also a upside: at least it forces the team to take things seriously and do something tangible, instead of only relying on empty promises to pump the price. Anyway, my reflexes are fast, and I like to grab small opportunities in fragmented liquidity pools—like some projects doing community governance voting, or doing arbitrage on L2. It’s actually pretty interesting.

On the macro side, rate-cut expectations keep getting pulled back and forth, and the U.S. Dollar Index also swings along with it. Risk assets rise and fall together, but in the NFT space it feels like it’s been left in some forgotten corner. Still, who knows—maybe one day the sentiment will come back. If I can only keep one habit, I’ll choose to move fast.