Is NFT liquidity really supported by floor prices, or by narratives? After thinking about it, maybe both are involved, but the first to collapse is often the illusion that "someone will buy in."

Once the floor is broken through, royalties become silent: no transactions, no royalties; no matter how much creators shout, it's like talking to an empty room... Conversely, when community narratives heat up, even if the images don't change, a single meme in the group can pull people back to place orders. To put it simply, liquidity isn't about having a lot of money; it's about more people willing to keep telling stories here.

Recently, I've seen everyone compare RWA, US bond yields, and on-chain revenue products, making it seem like returns are a universal standard. But NFT is more like a thermometer: when it’s cold, it’s just cold, and it’s hard to even find an excuse. I'm now very laid-back—if royalties come in, consider it a bonus; if not, so be it. At least don’t treat narratives as cash flow.