Recently, watching NFT liquidity is really a bit like watching the weather: when the floor price drops, no matter how hot the narrative is, it can instantly freeze over. Royalties are more practical; frankly, when the market gets anxious, it wants to bypass them. Creators need to make a living, traders also have costs, and in the end, it depends on whether the community has that "shared consensus endurance," otherwise shouting slogans won't hold up.

The "signal" I’m currently watching is actually very simple: whether transactions can still happen naturally when no one is taking the other side, whether old holders are still around, and whether there are really people chatting about stuff in the group instead of just doing tasks. Recently, there's been talk about social mining and fan tokens—"attention equals mining." It sounds pretty good, but attention is too easy to move around... Anyway, I prefer to go slow, not chase the hype. Proper execution is more important than a complete story.