Hey, I just saw another once-popular NFT project today. The floor price has dropped so much that I almost can’t bear to look. The early community’s “go go go” hype has long gone cold. Royalties were cut all the way from 5% to 0%, supposedly “to improve liquidity,” yet the floor price kept sliding downward anyway. Now the market’s held up by a few “narratives,” but if there aren’t real community members backing it with actual money, then it’s just an empty shell.

When I first entered the space, I always thought a low floor price meant “cheap,” and that rushing in would let me snipe the bottom. But now I realize: a low floor price often signals that liquidity has dried up. Smart money already left, and what’s left is mostly people who can’t let go.

Speaking of which, lately, those big on-chain transfers and any movements in exchange cold and hot wallets get interpreted as “smart money” signals. I’ve caught myself thinking about it too for a few extra seconds, but then I thought: if you could really get rich just by reading those signals, why would they go through the trouble of transferring in a way that lets you see it? Forget it—I’ll just keep being my “late by 30 seconds” kind of person.