We were just discussing royalties in the forum, and the group got pretty heated, saying that if secondary-market royalties drop, creators’ income will be slashed in half directly.

How should I put it—when I checked the on-chain wallets of big holders, I found that some top project teams had already accumulated a lot of assets like ETH and SOL. Even if royalties get cut to 0, they won’t be left with nothing to eat. What’s really painful, instead, is those mid-tier creators who built up their positions little by little through small artists—they have no principal to withstand volatility, and their income structure relies entirely on royalties.

The volatility around the public chain upgrade wave is also pretty interesting. Everyone is guessing whether the ecosystem will migrate to a new chain, but I think a mass migration won’t happen that quickly. The biggest issue with cross-chain liquidity is asset-bridging losses and a mismatch in user experience. In any case, let’s first observe where the money flows—running fastest isn’t the small retail crowd, it’s the smart money.