These days, there's been more debate about secondary market royalties, with some saying it's either "protecting creators" or "releasing liquidity." I'm more concerned about the incentive chain: royalties are like a continuous cash flow, but they also make the transaction path more complicated. People will take detours, split orders, or go through aggregators, and in the end, the contagion between protocols actually spreads faster. To put it simply, if income expectations are unstable, creators will either compete in sales or cling to platforms. That "decentralized narrative" on-chain can easily become distorted.

Another point is that many on-chain data tools' tagging systems are criticized for being outdated or even misleading. I can empathize: if you treat tags as risk control inputs, then a biased tag can skew the risk model accordingly. Anyway, when I look at cash flows related to NFTs now, I first assume that royalties might drop to zero, then consider who treats this as qualified collateral in collateralization and lending, and how to handle the tail risks... It’s all lively, but first, let's clearly calculate the worst-case scenario.