Notice a pattern in the NFT space—campaigns spark activity, then things cool off just as fast. But here's what caught my attention: tracking the same addresses across different projects and time periods, the liquidity doesn't vanish. It just moves around. Same players, different collections. That tells me something: this market runs on mechanics, not hype cycles. The wallets keep coming back because there's actual value extraction happening beneath the surface, beyond whatever marketing push got things started. The real story isn't about the campaigns themselves. It's about who's positioning for the next one.