Recently, there has been a debate about whether secondary markets should collect royalties, and I have become a bit more calm: frankly, royalties are not a "moral reward," but more like a pipe in the project's cash flow structure. Whether the pipe can handle it, who maintains it, and who bypasses it—these are issues that will be faced sooner or later. No matter how beautifully the on-chain rules are written, if the market doesn't recognize them, it's useless; if the market recognizes them but the creators haven't clearly communicated incentives and expectations, it will also fail.

Lately, hardware wallets are out of stock, and phishing links are everywhere, which also reminds me: people will suddenly take "security" seriously, but when it comes to "where do royalties come from and why are they sustainable," they often just follow their emotions. My approach is very simple: check if the project has alternative cash flows (like services, rights, distribution). If not, don't treat royalties as long-term salary; at most, consider them an unstable subsidy... Anyway, right now, I just have a question mark for projects that rely solely on royalties as their narrative.