Recently, I saw the secondary market arguing about royalties. To put it simply, everyone wants to buy cheaper and sell faster, while creators also want a steady income. These two goals are naturally at odds. Mandatory royalties can guarantee a livelihood in the short term, but with poor liquidity, the floor price is more easily smashed, and ultimately creators may not be comfortable; completely voluntary royalties, on the other hand, can easily turn into "pay or not depending on mood," and without moral constraints, it's quite superficial.

I now prefer to treat royalties as an "protocol layer design" issue rather than a moral judgment: for example, whether royalties can be linked to lending/mortgage, with lenders and liquidators defaulting to settle according to certain rules, otherwise leverage will just be bypassed. Recently, the practice of pledge and shared security being criticized as "copycat," actually the logic is similar: stacking too many yields, unstable underlying cash flow, and ultimately it’s about distributing friction costs. Anyway, I’d rather spend less on fancy tricks and clarify the rules, calculate liquidation thresholds clearly, so everyone dares to play.