Lately, whenever I look at options, I keep thinking of one sentence: who is the time value really eating away at? Others think that if the buyer loses, it's just losing the premium, which is pretty easy; in reality, they are being worn down by time day by day, and even if they pick the right direction, they might be "dragged" to death. Conversely, others think that as a seller, you're just earning time value profit; in fact, you're exposing yourself to tail risk, usually making small profits, but when a big wave hits, you have to top up your margin overnight, and your mindset can be even more shattered than the buyer's.

The recent NFT royalty debate also resembles this: creators want continuous income, traders want smoother secondary liquidity, and honestly, both are fighting over "time value"—who can keep drawing that "bite" over a longer period. Anyway, when I look at projects now, I first ask: who ultimately bears the time cost of this mechanism? Don’t let it be the users again as fuel.