Lately, watching NFT liquidity feels a bit like watching the weather: when the floor price drops, listings start to "pose," and transactions rely on a few people holding it up. Royalties are also quite delicate—setting them too high can freeze liquidity outright, while setting them too low makes the community narrative worry about not having enough funds to keep going... Later, I realized that people talk about art and consensus, but in their hands, they're still calculating "can it be sold?" Recently, I also saw RWA, US bond yields, and on-chain revenue products being compared side by side, and it feels even more brutal: when boring yields have benchmarks, the heat of NFTs depends on real stories, or else they’re just a batch of hard-to-sell JPEGs. Anyway, I only look at communities that still speak human language and have transparent trading rules; the rest I just watch from the sidelines.