Scrolling through the NFT space and arguing about secondary royalties again—by the end of it all, it actually looks a lot like that macro playbook: when liquidity is tight, everyone wants to cut the “costs” first. The platform says it wants to reduce friction, while creators say without royalties there’s no incentive… Basically, everyone is competing for the same slice of risk appetite. The fee rates are pretty extreme too—one moment people in the group are shouting “the reversal is coming,” and the next they’re saying to keep squeezing the bubble. Emotions move faster than logic. As for royalties, I now treat them more like “a bull-market bonus and a bear-market discount.” Expecting them to serve as stable cash flow is a bit unrealistic. If you really want to create, you still need to leave yourself a way out off-chain—survive first, then talk about ideals.