NFT的崩溃

NFT的最后一个哭声以荷斯特企鹅的标记发行而告终

Author: YBB Capital Researcher Zeke

作者：YBB资本研究员Zeke

1. The collapse of NFT

1。nft的崩溃

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的最后一个呼声以矮胖的企鹅的代币发行，以及最近在Solana上发行的Doodles代币的发行仅引起了一些飞溅。 Yuga Labs的减法仍在继续，这次甚至是最深情的IP，Cryptopunks。 NFT复兴的最后一波中，比特币NFT几乎为零。这些曾经疯狂的叙述确实已经荒凉了，没有人再关心它们了。

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过去有一个美丽的愿景，即恰到好处的社区将有助于自下而上的IP项目全球化，这与首先用在内容支持上的传统IP项目完全不同。例如，迪士尼的漫威宇宙，《星球大战》和各种动画角色通常需要多年的积累和无数资金，才能使这些IP深深地植根于人们的心中，并最终成为金矿。

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碍，可以建立IP并将其变成非常快的资产。创作者只需要支付一些汽油即可在Opensea上出售其艺术品。不需要画廊，玩具公司，电影公司或任何专业团队。 IP和一位新艺术家诞生了。

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.

我们还目睹了三，四年前，一些自下而上的IP在欧洲，美国，日本和韩国的顶级娱乐圈中流行。基层艺术家也可以通过NFT卷土重来。对我来说，作为Z世代长大的人看日本电影，能够参与普通人无法通过加密货币访问的IP投资和孵化是一件非常梦幻的事情。

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.

但是后来，在Bayc的“疯狂筑巢娃娃”和Azuki的灾难性次级系列元素之后。 NFT的模糊状态逐渐变得清晰。这不是一种股权或投资，而是一种具有会员福利的昂贵奢侈品。项目党还希望我们可以继续购买子系列，以支持其随后在IP值核心路线图上的持续投资。这里种植了矛盾的种子。项目党知道制作内容是昂贵的，但是如果他们没有使内容不满意，IP就会消失。每隔几个月发布的子系列都在不断地从OG系列持有人那里吸血，折磨社区中的每个人。等待内容带来的反馈可能需要多年的时间，或者这种反馈永远不会出现。裂缝开始增长，那些美丽的幻想开始随着平价下降而破碎，剩下的就是各种争吵。

2. PoP MART, the Ace MCN of IP

2。流行音乐集，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.

如果我们将NFT视为Z世代的豪华时尚玩具，那么它的成功和失败就会更清晰。在快餐时代，没有满足感并不是一件坏事。毕竟，单独出现会很快吸引买家。例如，Azuki的绘画风格与亚洲人的美学一致。根据共识，这个基层NFT系列也可以成为仅次于BAYC的第三大蓝芯片。在现实世界中，Bearbrick，B.Duck和Molly等著名的时尚玩具也没有内容支持，但它们都依靠其独特的外观来流行。

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，趋势总是短暂的。如果没有内容作为核心价值，这些IP可能会随时变得过时。受到加密货币圈的文化和NFT的极低成功率的限制，项目政党通常会继续围绕IP制作衍生品。但是现实是，核心甚至还没有成形，并且这种趋势已经过去。

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.

当然，还有一种具有足够内容支持的PFP项目，日本NFT。过去，我至少见过至少有四到五个项目，这些项目具有众所周知的日本漫画IP，希望在NFT市场上取得巨大的成就，但是他们似乎并没有考虑到IP的粉丝群几乎与这个圈子完全不相容的事实。第二点是日本动漫的外围设备已经太多了。球迷们为什么要花数百倍的价格购买一张小照片？当然，最重要的一点是第三点。这张小图片只能是一张图片，未来授权的想象空间为0。即使您购买了Gundam NFT，也只能进入Gundam Metaverse“ side-g”的入口。 Wanda从模型，游戏和动画中获得的利润自然与您无关，社区将不会成为IP孵化的成员，而且在整个Gundam粉丝组中，它甚至都是离群的。在这一点上，Gamefi的疼痛点实际上非常相似。

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

到目前为止，PFP项目已成为一个错误的主张，只有务实的小企鹅仍在努力工作。所以还有另一种出路的小图片