Lately I’ve been fixated on floor prices until my eyes glaze over, watching those NFTs that once shouted “blue chip” change price day by day—it leaves me feeling pretty uncomfortable. Royalties were cut from 10% to 0, and the community argues back and forth; at the end of the day, liquidity has dried up, and nobody wants to be left holding the bag. But on second thought, in this bear market, some projects have quietly been working on modular assets—splitting NFTs into composable fragments—and that’s actually kick-started a bit of trading volume.

On the macro level, everyone’s talking about rate-cut expectations, and the U.S. dollar index and risk assets move up and down together, which makes NFTs sway along with the same mood. I don’t know whether this is darkness before dawn. For now, I’m just taking a laid-back approach—occasionally placing a low-priced order, just to add a bit of data to on-chain activity.