Recently, I saw the secondary market start arguing about royalties again. Basically, creators want to continue earning a share, while traders want lower friction. I used to be on that side too, but now I’m a bit more冷: when liquidity tightens, everyone just wants to survive first, and the rules get "optimized" until only transactions remain.

The new L1/L2 incentives to pull TVL also seem similar. Old users complain that "mining, selling" isn’t without reason; it’s lively, but whether people stay depends on real consumption and real use later on. Otherwise, once traffic pulls back, it’s empty.

I personally trust data a little more because intuition is too easily swayed by narratives… Data at least pulls me back from emotions. Anyway, for the creator economy to go far, it probably still needs to make real value beyond just "buying and selling"; royalties are just the surface layer.