The fact that secondary markets keep cutting royalties more and more is actually quite "realistic": when liquidity tightens, everyone's first thought is whether they can escape, not whether creators can earn more. To put it simply, royalties in a bull market act like a moral constraint; in a bear market, they become a cost, and everyone wants to avoid it. But if the creator economy ends up only having "the issuance part," and the more trading heats up, the poorer creators become, then even with more transparency on-chain, it’s still pretty awkward.

What’s even more annoying is that many on-chain data tools and tag systems are now criticized for being outdated and easily misled. Whether royalties have actually been paid or if they’ve been routed around through various methods—ordinary people looking at the dashboard can easily comfort themselves. Anyway, I only consider the worst-case scenario now: royalties might not be received at all, liquidity could be wiped out at any time, so survive first and then talk about ideals.