I just checked the recent sales and listings of a few old NFTs. The floor price, honestly, is just about whether there are still people willing to buy. When royalties are higher, everyone prefers to do private transactions, so on-chain it suddenly looks like there's no volume, but in reality, the interest hasn't truly returned; it's just that liquidity has been fragmented. As for community narratives, when things are hot, a meme can last a week, but when it cools down, people are too lazy to even scroll through the group chat, and the floor price loosens accordingly.

By the way, I want to complain a bit about those on-chain data tools/tags being called lagging—I can understand that. Too many people take tags as the truth... Actually, when the behavior of many addresses changes, the data can't keep up, and it can even be "faked." Anyway, right now I only focus on two things when looking at NFTs: actual transaction frequency and listing distribution. The rest can be considered noise for now; let's stick with that.