Recently, the debate over secondary market royalties has flared up again. My initial reaction was actually quite indifferent: royalties are essentially "transaction taxes." You say creators should get paid, others say liquidity will flow away, and both are right... but don’t turn morality into an economic law. Everyone claims to protect creators, but their fingers still point to the lowest fee rate.

Later, I realized this issue is somewhat similar to the collapse of chain games: inflation rises, studios enter the market, token prices spiral, and in the end, no one makes any profit. If royalties can only rely on "self-discipline," it’s equivalent to defaulting to the least disciplined people setting the market standard. Anyway, I now pay more attention to whether protocol layers can clearly distinguish where the money comes from: who triggers it, who bears the cost. When the table is laid out, the arguments become much quieter.