I've always assumed this song is about the price of fame, the way the music industry burns through artists - and particularly vulnerable/sensitive artists - with no regard for them. Exploitation of Youth and talent.

"Vessel stabbed, next up volunteer"

"Stripped and sold"

"Victims in demand for public show"

And then there's Ed's own feelings about being part of this and a reference to Kurt, another victim of the same exploitation.

Immortality = the fame/legend... but it ain't all its cracked up to be.... there's a trapdoor in the sun.

I really like both of that and epilogue’s reading too

Some of Ed’s best lyrics. Evocative without ever being too on the nose or “finger waggy”

100%

It's so much of what makes the song so moving to me.

And I think all the interpretations that have been mentioned so far are super valid and interesting. I buy all of them.

I thought it was about being immortal

whatever its about, we can all agree it makes an excellent closer

I thought it's about how he stripped and sold his mom (sans forearm), and auctioned off her forearm separately. Pretty sick shit.