Yesterday, I saw the ongoing debate about secondary market royalties again, and I’ve become a bit more calm: frankly, royalties are not a matter of "morality," but an implementation issue. No matter how beautifully the on-chain contracts are written, if the market changes the matching method or routing, it only takes a few steps to bypass them... So now, when I look at new platforms/new protocols, I focus first on permissions and upgrade mechanisms—who can change the rules, who can pause, who can whitelist—these are more reliable than listening to creators’ stories. The macro environment is also quite mysterious; when expectations of interest rate cuts come, the US dollar index and risk assets both shake together, and when sentiment runs high, it’s easier to see "supporting creators" as a reason to buy. Anyway, I’m only willing to pay for confirmed utility for now; royalties are just the icing on the cake, not a lifeline.