NFTs have really cooled down recently—the floor price has dropped pretty hard, and royalties are basically no longer being talked about. People used to like to discuss “community narratives,” but now it feels more like everyone is just watching who can run the fastest… Honestly, I think that’s also fine. When the bubble gets squeezed, at least what’s left is actually real—people are playing for real.

But look at now—AI Agents, automated trading, and so on are starting to hype narratives again, and a bunch of people are rushing in after them. To be truthful, I don’t really have anything against the technology itself. The problem is when everyone piles in at once: most people haven’t even figured out contract security, and they’re already rushing in. With more on-chain interactions, it’s actually easier to fall into traps—anyway, I’m not really keeping up with this kind of pace.

In the end, there’s just too much noise in the information environment. The noise-reduction method is actually simple: don’t pay attention to what people are hyping in groups—just look more at on-chain data and broader market liquidity. If you don’t understand it, don’t touch it. It’s not like we’re missing out on this wave.