Lately, there's been a lot of debate in the secondary market about whether royalties should be "mandatory" or not. To put it simply, everyone wants smoother liquidity, but creators rely on this to keep their livelihoods going. From my perspective, watching the borrowing rate curve, royalties are more like a "friction coefficient": the higher the friction, the slower the transactions; if the friction disappears, it might be lively in the short term, but in the long run, it could just be speculators smashing each other.

The group is still repeatedly discussing stablecoin regulation, reserve audits, and de-pegging rumors. When emotions run high, it feels like a run on the bank... I’ll first see if I can verify myself and whether there's ongoing auditing before deciding my position—don't get swept up by the hype.

My mom also asked me: Isn't NFT just selling art? Why do you still have to pay a "toll"? I just told her: Actually, it's to let the creator earn a cut every time it's resold, but exchanges might not be willing to act as toll collectors. For now, until the royalty dispute is resolved, it’s hard for creator economies to have stable cash flow expectations.