I just came across a thing: on some platform, a creator is arguing about royalties. They said that after secondary-market royalties were zeroed out, those old projects just gave up and laid flat, while new projects instead made money purely through mechanisms. When I was grabbing some funds myself, I glanced at the CryptoPunk trade records—gas fees were like a roller coaster, but with royalties gone, trading volume didn’t really crash; the “flavor” just changed.

Recently, I’ve been watching the RWA crowd move U.S. Treasury yields on-chain and pair them with on-chain yield products. Honestly, it’s pretty interesting, but I still feel that creator economics relying only on royalties is a bit flimsy—we’ll have to see whether, long-term, people truly are willing to be soft for an NFT avatar, like me: I’m a detail person, and I sometimes wrestle with a small image for half a day.

Anyway, that’s for now. I don’t know if I’m just too sensitive, but sometimes I really feel like this industry is pretty fragmented—one side is real returns, the other is virtual enthusiasm. I don’t know who to trust.