These days, I’ve also seen discussions in the secondary market about whether royalties should be "voluntary," essentially everyone just wants smoother liquidity, but creators are also being drained pretty quickly. After watching on-chain for a while, it feels a lot like fish under the ice: fast trading doesn’t necessarily mean true direction, often it’s just the order book being empty, and a quick scan makes it seem "lively." When royalties are lowered, it becomes even easier to turn into a pure flipping game.

I now tend to compare: for the same series, the order depth looks okay, but the actual transactions bouncing between a few wallets make that "activity" seem pretty虚 (superficial). When macro expectations of rate cuts come in, the dollar index and risk assets both go wild, making sentiment more volatile. Royalties, which should be a slowly磨 (磨 means "grind" or "wear down") rule, are now being used as a weapon… and then I look further.