I tried it once—scraping two months of on-chain transaction records from a certain Solana blue-chip NFT—and working out how differences in royalty fee rates affect market depth. The conclusion? Pretty boring. Those people who yell every day about cutting royalties or forcing royalty collection are, in reality, betting that the secondary liquidity of what they personally like can outperform other creators’ creative expectations. Put simply, it’s not a matter of how much royalties are—it’s whether the trust anchor is tight or loose. Now everyone’s also gotten used to packaging ETFs, U.S. stock-market risk appetite, and crypto prices together into one interpretation, as if crypto’s ups and downs are driven entirely by external capital. Anyway, I only care where the on-chain money is flowing—who’s trading, and who’s hoarding. That’s more reliable than listening to KOLs analyze the macro. For now, that’s it: the royalties problem has no short-term solution, unless creators can truly produce irreplaceability that lets the market set its own price.