I'm not very good at... that ability to explain NFTs clearly in just one sentence, but these past few days I've been watching on-chain liquidity, and it feels like that little whirlpool in a teacup: when it's hot, everyone is watching the floor, but when it cools down, you realize the order book is as thin as paper. Royalties are also quite subtle; when community narratives are hot, people are willing to pay, but once the narrative cools, they start complaining that it's "too frictional," and trading volume drops directly.

Recently, incentives on testnets and expectations for points have also stirred up emotions, with everyone guessing whether the mainnet will issue tokens. Honestly, this wave of enthusiasm will also spill over into NFTs, but what I care more about is: after the hype fades, will anyone still be willing to provide that liquidity? Anyway, I now prefer to look at transaction distribution and holder changes—taking it slow, and not getting burned by just one phrase like "the narrative is back."