Just took a look at the updates from a few NFT projects—the royalty situation is kind of interesting now. I used to think royalties were the lifeblood of creators, but ever since the secondary market changed, there are a bunch of project teams that simply lie flat. Instead, some teams use the opportunity to force themselves to find a new way to stay alive. Put simply, the creator economy can’t be sustained just by mandatory fees and forced extraction. What users pay for is the content and the community, not the mechanism.

The on-chain gaming space is the same. Once inflation hits, studios rush in, and the coin price spirals down—I feel exhausted just watching it. I used to pay a lot of attention to on-chain activity to try to catch a bottom, but now that I see game volume-spoofing metrics rising, people run first. I’ve gotten used to it: at night I check the wallets of big holders, then in the morning I’ll decide whether to chase or not.