Over the past couple of days, there’s been plenty of chatter in the secondary market about royalties. Put simply, it’s about whether “creators should or shouldn’t be subject to passive take-rates.” On the surface, it looks like a fight between justice and the free market. But underneath, it’s really about who gets to control liquidity: transactions are smoother if you don’t charge royalties, creators are more secure if you do—but buyers will be more selective too.

I personally feel a bit like I’m watching the same “yield stacking” controversy from again re-staking… one layer wrapped on top of another; it looks good on paper, but the undercurrent is that risk and incentives get redistributed, and in the end, whoever can’t hold it up is the one who ends up taking the blame.

If, back then, everyone had initially treated royalties as an optional service instead of a default tax imposed through moral coercion, there probably wouldn’t be so much back-and-forth spitting at each other. Anyway, when I look at projects now, whether royalties are high or low isn’t the main point—the main point is how they explain this money, and whether they can deliver on their promises over the long term. Take your time—don’t rush.