Recently, I saw the secondary market treating the royalty toggle as a "free market" debate, and honestly, creators caught in the middle are the most uncomfortable: if they don't charge, content can't continue; if they do, liquidity will leave. Actually, I'm more concerned about whether expectations can be stabilized—rules can be changed today, and they can be changed tomorrow, so the creator economy is left only with emotions.

By the way, those large on-chain transfers and hot and cold wallets of exchanges are immediately seen as "smart money," which is somewhat similar to the royalty controversy: everyone wants to catch a definitive signal, but many times it's just someone changing their posture. Anyway, when I look at projects now, besides the story, I first ask: is the cash flow (even if small) and risk boundary clearly written? That's all for now.