Lately, I've been flipping NFTs, and the most obvious thing isn't who has taken off, but how thin the liquidity really is: the floor price looks okay, but cancel one listing and it's empty; when you want to sell, you realize the "floor" is more like floor tiles, the kind that hurt your feet. Royalties are also quite awkward—set too high and buyers run away, set too low and the community starts shouting "the narrative has no warmth"... Honestly, right now, what everyone is buying isn't the image, but whether someone can continue to relay the story and keep doing things.

By the way, I’ve seen quite a few people compare RWA, US bond yields, and on-chain yield products. I also feel tempted, but the more "seems stable" these are, the more I ask where the risks are. Anyway, I take simplicity as a trap: the more the yield looks like an instruction manual, the more I want to hold back and keep some position as a fire extinguisher. After a crash, you realize that liquidity is the final seasoning.