I just looked at the secondary trades of a few NFT projects—royalties are down from 5% to 0%, and it feels kind of heartbreaking. To be blunt, the ideal of the creator economy is being forced into a dead end by the market. Some people say this is an inevitable outcome for decentralized markets, but I think it’s more like the price of liquidity anxiety—everyone just wants to fast in and fast out, so who has the patience to nurture an ecosystem?

I’ve also seen various recent analyses mixing ETF fund flows, risk appetite in US stocks, and crypto’s price moves all together, like you’re simmering a pot of mixed stew—the flavors get all messed up. I just feel that if you focus so closely on external indicators for up and down, you end up forgetting that there’s also a narrative rhythm on-chain.

Forget it—let me say it plainly: the royalty dispute ultimately comes down to a tug-of-war over pricing power. Artists want to hold onto their leverage, while the market wants to use foot-voting. As an onlooker like me, I just look at miner curves and the fee-rate structure—watching the tide rise and fall. Finding a compromise point amid the controversy someday might be the truly interesting part. That’s all for now.