Lately there's been a debate about whether secondary markets should pay royalties or not. Honestly, I can understand both sides: buyers feel that after bearing the volatility, they still have to pay an extra cut, while creators feel that without royalties, it's like being cut off from their income. But I've seen too much of the inflation + studio + token price spiral in blockchain games, where everyone ends up competing to "extract value faster," and no one cares whether the content can actually retain users. Anyway, I now only invest in teams that can keep producing content even without royalties, with smaller positions—being able to sleep well is the most important.