Recently, I’ve seen the secondary market pushing down royalties more and more to compete for liquidity, with creators both "asking for a living" and being told "that's just how the market is." Frankly, royalties are essentially discounted cash flow; if the secondary market cuts them off, works become more like one-time sales, and the remaining valuation relies entirely on emotion and narrative, collapsing even faster once the hype fades.

Should royalties be mandatory?
I think making them mandatory won't save much; the key is to have a revenue-sharing mechanism and transparent ledger that both buyers and sellers can accept, otherwise it’s just switching platforms and arguing again.

By the way, I’ve been reminded that the funding rates have been extremely volatile these days, and the group is debating whether it’s a reversal or just more bubble squeezing… I only see the same problem: everyone wants to outsource the risk. Royalties, rates, slippage, incentives—all of them ultimately require someone to pay the price, so don’t pretend you don’t see it.