Recently checked the transactions of a few old NFTs, and it really feels like liquidity is quite honest: the floor price still looks stable, but in reality, there are a bunch of listings and transactions are so thin that they’re like paper—any slight breeze or movement causes prices to slide rapidly. Royalties are also quite awkward; honestly, everyone wants to support creators, but when the market is cold, buyers’ first reaction is still “can I pay less,” and once exchanges remove royalties, no matter how hot the narrative gets, human nature can’t be changed.

Airdrop season makes it even more obvious; the points system forces people into clocking in like at work, and the task platforms are so anti-witch-hunting that I’m too lazy to click… Attention is all drawn away by “Did you swipe today,” leaving no mood to discuss community stories. My partner even complained: “You look at the chain like checking a delivery, and in the end, you just bought an avatar?” I don’t know either, but right now I mainly look at NFT holder distribution and real transactions over the past seven days—don’t just stare at the floor price for self-comfort. The risk is high, don’t get caught up.