At 3 a.m., I was again checking data on NFT royalties. Honestly, this boils down to one thing: "Who has the pricing power." Secondary royalties cut off cash flow directly for creators; but if you force the trading side to pay, people will vote with their feet and move to zero-royalty markets. On-chain behavior is pretty honest: if the order volume, transaction distribution, or royalty payment ratio drops, there's no need to force a narrative.

I'm now more interested in how the contracts are written and how royalties are implemented: whether through mandatory revenue sharing, whitelist markets, or simply making rights into verifiable tickets that holders are willing to pay voluntarily. Recently, there’s been a heated debate over privacy coins, mixing coins, and compliance, like two worlds clashing… The same problem: when rules are inconsistent, liquidity always runs first. Anyway, I’m focusing on the chain itself and not listening to the noise.