These days, there's been a lot of debate about whether secondary market royalties should be mandatory or not. I find it quite complicated. To put it simply, creators want to earn ongoing income, which is fine, but tying it entirely to the transaction stage can easily turn into "if you don't pay, you're not supporting," and when emotions run high, it can actually discourage newcomers. Last week, I also looked at the trading volume of a few old projects; when royalties were lowered, the volume came back, but the community atmosphere also became a bit scattered.

Now I prefer to break down the risks: when buying, treat it as paying a one-time "support fee," and only buy if you can accept that; if you want compound growth, don't rely on royalties to automatically sustain you—it's about whether the project has new narratives or new deliveries. On the macro side, expectations of interest rate cuts sometimes boost risk assets, and sometimes they follow the dollar index up and down together. Sentiment comes quickly and leaves just as fast... Anyway, I prefer to take it slow and not treat royalties as a lifeline. That's all for now.