These days, observing the liquidity of NFTs, it feels like the weather: when the floor price softens, everyone is still talking about narratives, but their hands are already looking for an exit. Royalties are also quite delicate; when it's hot, people say "creators should be respected," but when it cools down, they start complaining about friction costs. Basically, everyone wants liquidity but doesn't want to pay for it.

Social mining, fan tokens, that set of "attention as mining"—I have mixed feelings about it... Attention can indeed ignite a community, but once the rewards stop, it's hard to tell whether what's left is people or noise. Anyway, my current approach is like a backup: not putting expectations on a single narrative, leaving multiple redundancies. Even if the returns don't look that sexy, at least it won't all disappear the moment there's a power outage.