Lately, I've been watching NFT liquidity again, and the more I look, the more it feels like a thermometer: when the floor price drops, no matter how hot the narrative is, it's hard to sustain transactions; listings look good but no one takes them, so it's pretty useless. Royalties are even more complicated—set too high, buyers avoid them; set too low, creators lose motivation. The community talks about holding long-term, but when it comes to selling, everyone first checks the slippage and depth... It's quite realistic.

The recent wave of cross-chain bridge hacks gave me a chill down my spine. Now, I even hesitate to click on "cheap goods" on-chain, especially when oracles report outrageous prices. I can actually understand the tacit agreement of everyone "waiting for confirmation," preferring to be slow rather than risk getting caught in a trap.

What I fear most isn't missing out on opportunities, but that the risks have been there all along, and I still pretend not to see them.