During the morning rush hour on the subway, I scrolled through a few old NFT floor prices, feeling like a pixelated small theater: the characters are still there, but half the audience has left... Liquidity is really quite real; with a thin floor, order placements start "scaring each other," and just one or two trades can change the atmosphere. Royalties are also quite awkward; honestly, creators want to survive, but everyone also wants to flip faster, so it ultimately becomes a community narrative of whoever is more excited and who takes a breath first. Recently, people keep comparing RWA and U.S. Treasury yields to on-chain yield products, and I understand: when "stable returns" become a benchmark, NFTs become more like emotional assets, relying on stories and communities to keep the fire burning. Anyway, I’m now buying more slowly, first checking if on-chain owners are still interacting, or else just passing by to watch the show.