Recently, I've seen the secondary market cut royalties again and again, with creators complaining loudly, and buyers finding it troublesome. To put it simply, royalties are more like a "community consensus"; not everyone will voluntarily pay. When rules loosen, short-term liquidity increases, but who will still be willing to seriously create content and maintain IP in the long run? I've always cared more about sustainability and don't really enjoy chasing this kind of hype.

Memes, celebrity shoutouts—these attention shifts happen too quickly. Newcomers are most likely to jump in at the most exciting moment, only to end up taking the last baton and thinking they're participating in the narrative. That old player’s advice, "Don’t be the last one holding the bag," is actually quite straightforward.

What I fear most isn’t losing money, but losing control: if positions and rhythm get chaotic, it all turns into emotional trading. Anyway, I’ll keep watching from the sidelines, only stepping in at critical moments.