These days, the secondary market is again arguing over royalties, and in the end, it’s quite similar to front-running a liquidation wick in contracts: everyone wants to take more during the most intense moment, but then they realize liquidity has run away… Creators want sustainable income, which is true, but forced royalties in a secondary market where “I can escape at any time” makes people feel conflicted psychologically. To put it simply, everyone verbally supports creation, but in practice, they’re mainly trying to protect themselves.

Looking at social mining and fan tokens, that set of “attention as mining,” I find it tempting but also worry it will turn into a click-bait contest: attention has costs, especially emotional costs. If you really want to go long-term, perhaps the royalties/incentives should be designed as rewards for “staying in the community,” rather than punishments like “if you dare to sell, I’ll deduct from you”… Anyway, whenever I see this kind of topic, I reflexively set a stop-loss first—don’t treat faith as a position to hold.