In the past few days, I've seen the secondary market arguing fiercely over whether to make royalties mandatory or not. Honestly, everyone is just calculating their own interests: creators want continuous cash flow, while trading platforms and buyers want lower friction. But once royalties become a matter of "giving based on mood," creators' expectations become very uncertain, and in the end, they can only resort to advertising, white-listing, or emotional appeals, making it even harder for the works themselves to survive.

What I fear most is not losing money, but rules becoming unpredictable: today they say they respect creators, tomorrow they fold on their promises for liquidity. Recently, macroeconomic expectations of rate cuts, the dollar index, and risk assets have been fluctuating wildly together—up and down in unison. The market sentiment is already quite volatile, and with this additional layer of "rule drift" in NFTs, it feels like walking on thin ice... Anyway, when I look at projects now, besides how well they are drawn, I also consider whether their attitude toward royalties can be sustainable in the long run. That's all for now.