I just saw a piece of news saying that Web3 music artists have started breaking royalties into NFT “fragments” to sell them on the secondary market, and it instantly reminded me of those posts about last year’s “creator economy revolution.” Honestly, with the royalty disputes being argued over and over again, it feels exactly like the same old thing as back when Uniswap raised its fee rates and Blur pushed royalties hard—profit distribution always ends up repeating in the survivorship bias that wipes out retail.

When the round of stablecoin audit rumor also spread again, some people in the group were panicking and trying to exit, while others mocked, “The House of Cards can’t fall.” But I think, regardless of whether the reserves audit is real or fake, these emotions themselves are echoes of the market’s memory. Before the Luna crash, didn’t some people also believe that “algorithms can win”? Now looking back, the narrative is just swapping ingredients without changing the recipe—it’s only repackaged with a different layer of wrapping paper.

To put it bluntly, I still believe—believe that the cycle where people swing between panic and greed won’t change. But this time I’ve learned to be a bit lazy: no matter how many times I flip through the history books, it’s basically the same few pages. Let’s see what new tricks this royalty farce can actually pull out.