Recently, there has been debate again about whether secondary market royalties should be mandatory, essentially a tug-of-war between "what creators get" and "liquidity concerns."

I now lean more towards viewing it as a game: if it's too forced, people will just avoid it; if it's completely voluntary, it becomes moral coercion, and in the end, the thick-skinned ones win.
Perhaps a more realistic approach is to make royalties a visible "service fee"—you provide me with ongoing content/rights, and I’m willing to pay more willingly; otherwise, consider it a one-time buyout.

By the way, I want to complain that today I saw another large on-chain transfer, and when exchange hot and cold wallets move, they’re immediately interpreted as "smart money"… this information noise is really quite loud.
My noise reduction strategy is simple: first ask, "Does this money relate to royalties/creator cash flow?"
If it’s not related, I pay less attention to the gossip, so my emotions aren’t led astray.
Anyway, I’m not an institution, so it’s more comfortable to think through the model clearly first rather than chasing hot topics.