Lately, looking at the NFT market feels a bit like winter airing out quilts: you can tell at a glance whether the floor orders are thick or thin, and the excitement mostly relies on narratives holding it up. Royalties are also quite realistic; everyone verbally supports creators, but when it comes to buying and selling, they start comparing who can save more on routing, and liquidity suddenly disperses.

A friend asked me last night, "Is it about to take off again?" I just sent him a chart of trading volume versus order book depth... Basically, when the floor is unstable, even if the community shouts, it can easily turn into self-entertainment.

Also, in the group these days, there's been talk about stablecoin regulation, reserve audits, and de-pegging rumors. When emotions run high, people tend to overestimate or underestimate the risks. Anyway, right now I just look at whether NFTs can be sold, and treat everything else as background noise. That's it for now.