The recent royalty dispute in the secondary market, to put it simply, is that everyone wants liquidity but also hopes creators will keep producing. Once royalties become “optional” (no longer mandatory by rule), it’s basically like tips: people pay when they’re in a good mood, but when market conditions worsen, everyone bolts—leaving only the project team to prop up the floor price and carry the storyline.

I’m now more inclined to treat royalties as “collaboration terms” rather than moral coercion. You either lock them down at the protocol level and spell out the trading scenarios; or don’t expect the market to regulate itself. Recently, I’ve also been seeing the whole narrative around AI Agents and automated trading really take off—many people are busy having bots interact and刷 (exchange) each other to generate engagement and data, yet nobody is digging into safety and permission management with much care… The moment something goes wrong, royalties, floor prices, and trust all drop to zero together.

What I fear most isn’t losing money, but knowingly that the rules have changed and still pretending they haven’t—trading using the imagination of a bygone era. Anyway, for now I only keep a small amount of high-conviction positions; once I can understand how cash flow/rights are generated, then we’ll talk. That’s it for now.