In the past few days, looking at the NFT market, it still feels like liquidity rules everything: once no one is willing to buy the floor, no matter how hot the narrative is, it’s like a room with a broken air conditioner—getting more awkward the more you talk. Royalties are also quite delicate; if they’re too high, market makers will just stay away; if they’re too low, the community feels like “we’re being exploited,” and the hype drops even faster. Recently, there’s been talk about certain regions increasing taxes and tightening regulations—basically, when the inflow and outflow expectations tighten, everyone’s first reaction is to keep liquidity for assets that can exit at any time, making NFTs even more likely to be left on the sidelines. Yesterday, my mom asked me, “Can you sell that picture anytime you want?” I could only say… not necessarily, it depends on how hot the market is. Anyway, I’m just watching whether the floor orders are thick or thin now, don’t expose too much of your position, living is more important than narratives.