Last night I went through a PFP project I’d followed before—the floor price has dropped by almost 70%, and the community group chat has also gotten noticeably quieter. The royalties and “art empowerment” they used to hype are nowhere to be seen now; even keeping up with responses about maintaining the Discord bot, they can’t be bothered anymore. On the other side, though, in the points arena everyone is still grinding daily tasks—anti–Sybil measures have everyone on edge, and “harvesting” feels just like clocking in for work. Well… I guess it’s fair to say that for NFTs right now, all the liquidity has run to that points side; the community narrative, on the other hand, feels like overnight tea—once it’s gone cold, nobody refills the cup. Let’s put it on hold for now—have a sip of tea, then slowly take a look.