The third time I watched NFT floor prices go from bustling to quiet, I still feel like this is pretty “psychological”: when the floor drops, standing orders feel like an avalanche; when the floor holds steady, everyone starts telling stories again. Royalties are also pretty awkward—basically, creators need to make a living, but traders want trades to happen fast. In the end, it turns into “go wherever the friction—or resistance—is smallest.” No matter how tough the community narrative tries to be, it can’t beat market reality.

Lately, memes and celebrities just say a couple things and attention starts rotating. Newcomers are the most likely to rush in chasing the hype, and I can only follow what the veteran players say: don’t be the last one on the relay. Anyway, when I look at NFTs now, I first check whether “someone is willing to pick up the order,” then whether “the story is any good.” Don’t get the sequence mixed up. Welcome to slap me in the face with data and prove me wrong.