NFT的崩潰

NFT的最後一個哭聲以荷斯特企鵝的標記發行而告終

Author: YBB Capital Researcher Zeke

作者：YBB資本研究員Zeke

1. The collapse of NFT

1。 nft的崩潰

The last cry of NFT ended with the issuance of Pudgy Penguins’ tokens, and the recent issuance of Doodles’ tokens on Solana only made a few splashes. Yuga Labs’ subtraction continues, this time even the most soulful IP, Cryptopunks. The BitCoin NFTs in the last wave of NFT revival are almost zero. These once crazy narratives have indeed long gone into desolation and no one cares about them anymore.

NFT的最後一個呼聲以矮胖的企鵝的代幣發行，以及最近在Solana上發行的Doodles代幣的發行僅引起了一些飛濺。 Yuga Labs的減法仍在繼續，這次甚至是最深情的IP，Cryptopunks。 NFT復興的最後一波中，比特幣NFT幾乎為零。這些曾經瘋狂的敘述確實已經荒涼了，沒有人再關心它們了。

10k PFP had a beautiful vision in the past, that a community of just the right size would help a bottom-up IP project go global, which is completely different from the traditional IP projects that first spent money on content support. For example, Disney's Marvel Universe, Star Wars, and various animated characters often require years of accumulation and countless funds to make these IPs deeply rooted in people's hearts and eventually become a gold mine.

10K PFP過去有一個美麗的願景，即恰到好處的社區將有助於自下而上的IP項目全球化，這與首先用在內容支持上的傳統IP項目完全不同。例如，迪士尼的漫威宇宙，《星球大戰》和各種動畫角色通常需要多年的積累和無數資金，才能使這些IP深深地植根於人們的心中，並最終成為金礦。

NFT is completely different. It has a very low entry barrier and can build an IP and turn it into an asset very quickly. Creators only need to pay some gas to sell their artworks on Opensea. There is no need for galleries, toy companies, film companies, or any professional teams. An IP and a new artist are born.

NFT是完全不同的。它具有非常低的入口障礙，可以建立IP並將其變成非常快的資產。創作者只需要支付一些汽油即可在Opensea上出售其藝術品。不需要畫廊，玩具公司，電影公司或任何專業團隊。 IP和一位新藝術家誕生了。

We have also witnessed three or four years ago that some bottom-up IPs became popular in the top entertainment circles in Europe, America, Japan and South Korea. A grassroots artist can also achieve a comeback through NFT. For me, as a Generation Z who grew up watching Japanese movies, it is a very dreamy thing to be able to participate in IP investment and incubation that ordinary people could not access through Crypto.

我們還目睹了三，四年前，一些自下而上的IP在歐洲，美國，日本和韓國的頂級娛樂圈中流行。基層藝術家也可以通過NFT捲土重來。對我來說，作為Z世代長大的人看日本電影，能夠參與普通人無法通過加密貨幣訪問的IP投資和孵化是一件非常夢幻的事情。

But later, after BAYC's "Crazy Nesting Dolls" and Azuki's disastrous sub-series Elemental were released. The vague status of NFT gradually became clear. It is not like a kind of equity or investment, but more like an expensive luxury with membership benefits. The project party also hopes that we can continue to purchase sub-series to support their subsequent continuous investment in the Roadmap of the IP value core. The seeds of contradiction were planted here. The project party knew that it was expensive to make content, but if they did not make content, the IP would die. The sub-series released every few months is constantly sucking blood from the OG series holders, torturing everyone in the community. It may take many years to wait for the feedback brought by the content, or perhaps this feedback will never come. The cracks began to grow, and those beautiful fantasies began to shatter with the decline in the floor price, and all that was left was all kinds of quarrels.

但是後來，在Bayc的“瘋狂築巢娃娃”和Azuki的災難性次級系列元素之後。 NFT的模糊狀態逐漸變得清晰。這不是一種股權或投資，而是一種具有會員福利的昂貴奢侈品。項目黨還希望我們可以繼續購買子系列，以支持其隨後在IP值核心路線圖上的持續投資。這裡種植了矛盾的種子。項目黨知道製作內容是昂貴的，但是如果他們沒有使內容不滿意，IP就會消失。每隔幾個月發布的子系列都在不斷地從OG系列持有人那裡吸血，折磨社區中的每個人。等待內容帶來的反饋可能需要多年的時間，或者這種反饋永遠不會出現。裂縫開始增長，那些美麗的幻想開始隨著平價下降而破碎，剩下的就是各種爭吵。

2. PoP MART, the Ace MCN of IP

2。流行音樂集，IP的王牌MCN

If we regard NFT as a luxury trendy toy for Generation Z, its success and failure are clearer. In the era of fast food, it is not a bad thing to have no content. After all, the appearance alone can quickly attract buyers. For example, Azuki's painting style is quite in line with the aesthetics of Asians. Under the consensus, this grassroots NFT series can also become the third largest blue chip after BAYC. In the real world, well-known trendy toys such as Bearbrick, B.Duck, and Molly also have no content support, but they all rely on their unique appearance to become popular.

如果我們將NFT視為Z世代的豪華時尚玩具，那麼它的成功和失敗就會更清晰。在快餐時代，沒有滿足感並不是一件壞事。畢竟，單獨出現會很快吸引買家。例如，Azuki的繪畫風格與亞洲人的美學一致。根據共識，這個基層NFT系列也可以成為僅次於BAYC的第三大藍芯片。在現實世界中，Bearbrick，B.Duck和Molly等著名的時尚玩具也沒有內容支持，但它們都依靠其獨特的外觀來流行。

However, trends are always fleeting. Without content as the core value, these IPs may become outdated at any time. Limited by the culture of the cryptocurrency circle and the extremely low success rate of NFT, project parties often continue to make derivatives around an IP. But the reality is that the core has not even been taken shape, and this trend has passed.

但是，趨勢總是短暫的。如果沒有內容作為核心價值，這些IP可能會隨時變得過時。受到加密貨幣圈的文化和NFT的極低成功率的限制，項目政黨通常會繼續圍繞IP製作衍生品。但是現實是，核心甚至還沒有成形，並且這種趨勢已經過去。

Of course, there is also a type of PFP project that has sufficient content support, Japanese NFT. In the past, I have seen at least four or five projects with well-known Japanese comic IPs hoping to make great achievements in the NFT market, but they don’t seem to have thought about the fact that the fan base of IP is almost completely incompatible with this circle. The second point is that there are already too many peripherals of Japanese anime to choose from. Why should fans spend hundreds of times the price to buy a small picture? Of course, the most important point is the third point. This small picture can only be a picture, and the imagination space for future empowerment is 0. Even if you buy a Gundam NFT, you can only get the entrance to the Gundam metaverse "SIDE-G". Wanda’s profits from models, games, and animations naturally have nothing to do with you, and the community will not be a member of IP incubation, and it is even an outlier in the entire Gundam fan group. At this point, GameFi’s pain points are actually very similar.

當然，還有一種具有足夠內容支持的PFP項目，日本NFT。過去，我至少見過至少有四到五個項目，這些項目具有眾所周知的日本漫畫IP，希望在NFT市場上取得巨大的成就，但是他們似乎並沒有考慮到IP的粉絲群幾乎與這個圈子完全不相容的事實。第二點是日本動漫的外圍設備已經太多了。球迷們為什麼要花數百倍的價格購買一張小照片？當然，最重要的一點是第三點。這張小圖片只能是一張圖片，未來授權的想像空間為0。即使您購買了Gundam NFT，也只能進入Gundam Metaverse“ side-g”的入口。 Wanda從模型，遊戲和動畫中獲得的利潤自然與您無關，社區將不會成為IP孵化的成員，而且在整個Gundam粉絲組中，它甚至都是離群的。在這一點上，Gamefi的疼痛點實際上非常相似。

So far, the PFP project has become a false proposition, and only the pragmatic little penguin is still working hard. So is there another way out for small pictures

到目前為止，PFP項目已成為一個錯誤的主張，只有務實的小企鵝仍在努力工作。所以還有另一種出路的小圖片