I've recently been watching NFT liquidity so closely that it's starting to get annoying: the floor price looks stable, but in reality, transactions are so thin they're like paper, with a bunch of listings, and when you actually want to sell, everyone starts undercutting each other. Royalties are even more realistic—frankly, if you set royalties to the maximum, you're short-term pushing liquidity away; but if you turn them off completely, the community narrative can easily cool down, and creators have no motivation to keep storytelling going. On-chain, I see very clearly: when it's hot, turnover is high and royalties are paid; when it cools down, everyone immediately only cares about whether they can sell instantly.

And recently, modularization and the DAO layer have been talked about wildly, developers are hyped up, but users are completely confused... As a result, the narrative around NFTs becomes even more awkward: talking about technology doesn't get anyone to buy in, talking about culture relies on trading volume to stay hot. Anyway, before I buy, I first check the actual transactions and holder changes over the past 7 days; if you're only looking at floor price screenshots, you're probably just preparing to be a bag-holder.