NFT的崩潰

NFT的最後一口氣在發行矮胖的企鵝代幣時停止了。最近在Solana上發行塗鴉的塗鴉僅引起了一些浪潮。

Author: YBB Capital Researcher Zeke

作者：YBB資本研究員Zeke

1. The Collapse of NFTs

1。 NFT的崩潰

The last cry of NFTs stopped at the issuance of Pudgy Penguins tokens. The recent token issuance of Doodles on Solana only made some waves. Yuga Labs' subtraction continues, this time even affecting its most iconic IP, Cryptopunks. Those Bitcoin NFTs in the last wave of NFT revival are also almost worth nothing now. Those once-crazy narratives have indeed long since slipped into obscurity, and no one cares anymore.

NFT的最後一口氣在發行矮胖的企鵝代幣時停止了。最近在Solana上發行塗鴉的塗鴉僅引起了一些浪潮。 Yuga Labs的減法仍在繼續，這次甚至會影響其最具標誌性的IP Cryptopunks。在上一波NFT復興中，那些比特幣NFT現在幾乎一無所有。那些曾經瘋狂的敘述確實很早就陷入了晦澀之處，再也沒有人在乎。

The vision of 10k PFP was once beautiful, with a community of just the right size helping a grassroots IP project to go global, which is completely different from traditional IP projects that first invest money to support content. For example, Disney's Marvel Universe, Star Wars, and various animated images often require years of accumulation along with countless funds to make these IPs deeply rooted in people's hearts and ultimately become a gold mine.

10K PFP的願景曾經是美麗的，一個尺寸合適的社區幫助基層IP項目進行全球發展，這與首先投資資金支持內容的傳統IP項目完全不同。例如，迪士尼的漫威宇宙，《星球大戰》和各種動畫圖像通常需要多年的積累以及無數的資金，以使這些IP深深地植根於人們的心中，並最終成為金礦。

NFT is completely different. Its entry threshold is extremely low, and the speed of creating an IP and assetizing IP is quite fast. Creators only need to pay some gas fees to list their artworks for sale on Opensea, without galleries, toy companies, film companies, or any professional teams. An IP and a new artist are thus born.

NFT是完全不同的。其進入閾值極低，創建IP和資產IP的速度非常快。創作者只需要支付一些汽油費即可列出在Opensea上出售的藝術品，而沒有畫廊，玩具公司，電影公司或任何專業團隊。因此，IP和新藝術家誕生了。

We witnessed three or four years ago that some grassroots IPs became popular in the top entertainment circles of Europe, America, Japan, and Korea. A grassroots artist can also achieve a reverse leap through NFTs. For me, as a member of Generation Z who grew up watching Japanese anime, being able to participate in IP investment and incubation that ordinary people could not access through Crypto is also a very dreamy thing.

我們目睹了三，四年前，一些基層IP在歐洲，美國，日本和韓國的頂級娛樂圈中流行。基層藝術家還可以通過NFT實現反向飛躍。對我來說，作為Z世代的成員，他們長大後觀看日本動漫，能夠參與IP投資和孵化，即普通人無法通過加密貨幣訪問也是一件非常夢幻的事情。

However, after the 'crazy matryoshka' of BAYC and the disaster-level sub-series Elemental of Azuki, the ambiguous status of NFTs gradually became clear. It does not resemble a type of equity or investment. Instead, it looks more like an expensive luxury item with membership benefits. Meanwhile, the project parties hope that we will continue to buy sub-series to support their ongoing investments in the roadmap for the core value of IP. The seeds of contradiction were sown here. Project parties know that creating content is expensive, but without content, the IP will die. Sub-series released every few months constantly drain the OG series holders, tormenting every member of the community, and the feedback from content may take many years to arrive, or perhaps this feedback will never come. The cracks began to widen, and those beautiful fantasies began to collapse with the drop in floor prices, leaving only various conflicts.

但是，在BAYC的“瘋狂的Matryoshka”和Azuki的災難級子系列元素之後，NFT的模棱兩可地位逐漸變得清晰。它不類似於一種權益或投資。取而代之的是，它看起來更像是具有會員福利的昂貴奢侈品。同時，該項目政黨希望我們將繼續購買子系列，以支持其在IP核心價值的路線圖中的持續投資。矛盾的種子在這裡播種。項目各方知道創建內容很昂貴，但是如果沒有內容，IP就會消失。每隔幾個月發布的子系列不斷耗盡OG系列持有人，折磨社區的每個成員，內容的反饋可能需要很多年才能到達，或者這項反饋永遠不會出現。裂縫開始擴大，這些美麗的幻想開始隨著平價下降而崩潰，只留下了各種衝突。

2. The Ace MCN in the IP World - PoP MART

2。 IP世界中的ACE MCN -POP MART

If we view NFTs as luxury trendy toys for Generation Z, then the reasons for their rise and fall become clearer. In the fast-food era, having no content is not necessarily a bad thing. After all, it can quickly attract buyers based solely on appearance. For example, Azuki's art style aligns well with Asian aesthetics, and this grassroots-produced NFT series can closely follow behind BAYC to become the third-largest blue chip. In the real world, well-known trendy toys like Bearbrick, B.Duck, and Molly also lack content support, yet they became immensely popular due to their unique appearances.

如果我們將NFT視為Z世代的豪華時尚玩具，那麼它們崛起和跌倒的原因就會變得更加清晰。在快餐時代，沒有內容並不一定是一件壞事。畢竟，它可以僅根據外觀而迅速吸引買家。例如，Azuki的藝術風格與亞洲美學非常相吻合，而基層生產的NFT系列可以緊隨Bayc之後，成為第三大藍芯片。在現實世界中，像Bearbrick，B.Duck和Molly這樣著名的時尚玩具也缺乏內容支持，但由於其獨特的外觀，它們變得非常受歡迎。

However, trends are always fleeting. Without content as a core value, these IPs can become obsolete at any time. Limited by the culture of the cryptocurrency circle and the extremely low success rate of NFTs, project parties often continuously create derivatives around a single IP. But the reality is that the core has yet to take shape, and this wind will pass.

但是，趨勢總是短暫的。如果沒有內容為核心價值，這些IP可以隨時變得過時。受到加密貨幣圓圈的文化和NFT的極低成功率的限制，項目政黨通常會在單個IP周圍不斷創建衍生物。但是現實是核心尚未成形，這種風將通過。

Of course, there is a type of PFP project that has ample content support, which is Japanese-style NFT. In the past, I have seen at least four or five projects holding well-known Japanese anime IPs hoping to make a big splash in the NFT market, but they seem to have not considered that the fan base for these IPs is almost completely incompatible with this circle. The second point is that the peripherals of Japanese anime have long been too numerous to choose from. Why would fans spend hundreds of times the price to buy a small image? Of course, the most important point is the third one. This small image can only be an image, and the future empowerment potential is zero. Even if you purchase a high-end NFT, you can only gain access to the entrance of the Gundam metaverse 'SIDE-G'. Wanda's profits from models, games, and animations have nothing to do with you, and the community will not be a part of IP incubation. It is even considered an outsider within the entire Gundam fan base. In this regard, the pain points of GameFi are actually very similar.

當然，有一種PFP項目具有充足的內容支持，即日式NFT。過去，我看到至少有四到五個項目擁有著名的日本動漫IP，希望在NFT市場上大放異彩，但他們似乎並沒有考慮到這些IP的粉絲群幾乎與這個圈子完全不相容。第二點是日本動漫的外圍者長期以來無法選擇。球迷們為什麼要花費數百次購買小圖像？當然，最重要的一點是第三個。這個小圖像只能是圖像，未來的授權潛力為零。即使您購買了高端NFT，也只能訪問Gundam Metaverse“ side-g”的入口。萬達（Wanda）從模型，遊戲和動畫中獲得的利潤與您無關，社區將不會成為IP孵化的一部分。它甚至被認為是整個Gundam粉絲群中的局外人。在這方面，Gamefi的疼痛點實際上非常相似。

Thus, PFP projects have become a pseudo-proposition, with only the pragmatic spark of little penguins still striving hard. So, does the little image have another way out? I believe PoP MART may provide a different answer.

因此，PFP項目已成為偽構成，只有小企鵝的務實火花仍在努力。那麼，小圖像還有另一條路嗎？我相信流行音樂廳可能會提供不同的答案。

This small store that originated in Beijing's

這家起源於北京的小商店