Someone asked me if the secondary market is arguing over whether royalties should be mandatory, and if the creator economy is about to cool down.

I'm actually not that pessimistic, but I also don't want to pretend I don't see it: frankly, royalties are not a "moral tax," they are more like a default revenue sharing agreement, and if no one is willing to accept the agreement, shouting slogans alone won't hold it up.
From the creator's perspective, you also have to admit that traders will vote with their feet; from the trader's side, don't be too self-righteous either—without content or narrative, liquidity will eventually dissipate.

Recently, the controversy over privacy coins and mixing compliance has become more intense, and I find it easier to understand these kinds of divisions: everyone wants freedom, but no one wants to take the blame.
The same goes for royalties—between ideals and reality, the gap ultimately comes down to how rules are written, how they are enforced, and who bears the costs.

My own approach remains the same: keep positions small, extend the cycle, and don't get carried away by daily charts and emotions.
For creators I truly like, I will support them directly; whether royalties can be collected on the secondary market... I’ll just treat it as uncertain for now.