Recently, I saw someone arguing about secondary market royalties, basically: creators want long-term income, traders want low friction. My feeling is not to speak too confidently about what "should" be; the market will vote with the most realistic approach: if you lock in royalties, liquidity will bypass like water; if you fully open up, it can easily turn into a one-time sale, relying on sentiment to sustain later.

I personally lean more towards viewing royalties as an "optional service fee": leaving a channel for supporters, while clearly defining the ongoing delivery of works, rights, and communities—don't just rely on transaction taxes to support you automatically. (It's a bit like borrowing books—you still need to see if there are new books later.)

By the way, recently large on-chain transfers and hot/cold wallet movements on exchanges are often interpreted as "smart money," but many times it's just moving, risk control, or reconciliation... Anyway, I prefer to look at the structure: where is the liquidity going, who is paying, who is exiting. That's all for now.