Recently, I checked the floor prices of a few old NFTs again, and it really feels like liquidity is quite "emotional": when the narrative is hot, the bids are as thick as walls; when the narrative cools down, the floor is still there, but almost no one is buying, like an ornament. Royalties are also quite subtle; when trading is frequent, everyone is willing to pay, but when the market is bad, they start calculating very carefully, even preferring to go to places with zero royalties... (I feel like I'm watching a group of people simultaneously playing the prisoner's dilemma)

By the way, I thought about the recent discussions in the group about extreme funding rates—whether it's a reversal or just more bubble squeezing. Actually, NFTs are similar: when everyone is in the same "expectation," liquidity is borrowed from the narrative; once the expectation disperses, all that's left is who is willing to be the last market maker. Anyway, I now care more about whether the "community is still speaking human language," otherwise the floor is just a number.