Over the past couple of days, watching the NFT order book has been pretty interesting: when the floor price cools off, everyone immediately starts debating whether “royalties should be negotiable,” but let’s be honest—when liquidity is poor, no one wants to be the one who pays a little extra. When the narrative is hot, royalties feel like faith; when the narrative turns cold, they become just another line item on a cost sheet. Community slogans are still around, but bids and asks posted on the order book keep getting thinner and thinner. By the way, rumors about a certain region raising taxes and compliance rules tightening and loosening from time to time can feel pretty real in how they affect people’s expectations for deposits and withdrawals. A lot of people aren’t unwilling to buy—they just put whether they can “get out smoothly” first… Anyway, when I look at NFTs now, I look first at depth and the trading tempo. KOL collabs can just be background noise—don’t take them too seriously.