Recently, the secondary market has once again caused a stir over the issue of royalties. To put it simply, everyone wants better liquidity, but creators aren’t just working out of love. I always take an extra 30 seconds to think before placing an order, but often I end up watching the floor price get swept away... So I can understand the buyer’s urgency of “don’t add more costs,” but I also worry that it will eventually turn into whoever has the loudest voice wins, and the content becomes more and more casual.

On the macro side, there’s talk again about interest rate cut expectations, the US dollar index moving, and risk assets acting erratically. I’m even less willing to rigidly say “royalties = justice” or “zero royalties = efficiency.” When the market is good, everyone talks rationally; once it turns, it’s all about the bottom line.

Anyway, I’m now more interested in whether projects have other ways to generate returns, rather than relying solely on royalties. If that line gets cut off completely, it would be awkward.