刚看到有人聊NFT流动性和版税的事，有点感慨。

I just saw someone talking about NFT liquidity and royalties, and it made me feel a bit emotional.
我也就是个画草图的，不是啥专家。
I’m just someone who sketches—no expert.
地板价跌了，大家就开始怀疑社区的叙事是不是只剩“信仰”了。
When the floor price drops, people start to wonder whether the community’s narrative has only left “faith.”
其实版税在这轮行情里挺尴尬的，项目方收不到钱，炒作的人又嫌贵，流动性反而成了最要紧的事。
In fact, royalties have been pretty awkward in this market cycle: the project teams can’t get paid, and the people doing the hype think it’s too expensive—liquidity ends up being the most important thing.
最近看RWA和美债收益率被放在一起比，确实比纯PFP讲故事靠谱一点——至少人家有个实打实的收益来源。
Lately I’ve been seeing RWA and U.S. Treasury yield compared side by side, and it really does seem more reliable than pure PFP storytelling—at least there’s a real, tangible source of returns.
但链上收益产品能跑多久也很难说。
But it’s also hard to say how long on-chain yield products can keep running.
反正我自己的做法就是，宁愿少买点，少动点，先把画的图放那儿，等热度回来了再说。
As for my own approach, I’d rather buy less and move less—just leave the sketches where they are and wait until the hype comes back.
流动性冷的时候，别硬着头皮冲。
When liquidity is cold, don’t force your way in.