Recent discussions in the NFT community have been a bit of a dark joke: the floor price is like a broken elevator, going down without stopping; but the group still insists that the narrative is warming up. To put it simply, once liquidity leaves, royalties become the "air tax" that everyone despises — when the market is hot, no one notices it; when it cools down, they start criticizing your cut, which is quite realistic.

What bothers me more is that some projects talk about community consensus on one hand, but on the other hand, they embed unlimited authorization/agent upgrade permissions in the contract, with backdoors bigger than the storefront… No matter how hot their narrative is, it can't withstand being drained once. Anyway, when I look at NFTs now, I first check if I can exit (order book depth, trading frequency), then see if the royalties are reasonable, and finally look at the story.

By the way, I saw discussions about extreme funding rates again, whether it's a reversal or just more bubble squeezing… I just want to say, once the sentiment turns, NFTs — which are most dependent on liquidity — are more likely to take the hit first, so don’t just focus on “the floor is cheap.”