NFT的崩溃

NFT的最后一口气在发行矮胖的企鹅代币时停止了。最近在Solana上发行涂鸦的涂鸦仅引起了一些浪潮。

Author: YBB Capital Researcher Zeke

作者：YBB资本研究员Zeke

1. The Collapse of NFTs

1。NFT的崩溃

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的最后一口气在发行矮胖的企鹅代币时停止了。最近在Solana上发行涂鸦的涂鸦仅引起了一些浪潮。 Yuga Labs的减法仍在继续，这次甚至会影响其最具标志性的IP Cryptopunks。在上一波NFT复兴中，那些比特币NFT现在几乎一无所有。那些曾经疯狂的叙述确实很早就陷入了晦涩之处，再也没有人在乎。

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的愿景曾经是美丽的，一个尺寸合适的社区帮助基层IP项目进行全球发展，这与首先投资资金支持内容的传统IP项目完全不同。例如，迪士尼的漫威宇宙，《星球大战》和各种动画图像通常需要多年的积累以及无数的资金，以使这些IP深深地植根于人们的心中，并最终成为金矿。

NFT is completely different. 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。其进入阈值极低，创建IP和资产IP的速度非常快。创作者只需要支付一些汽油费即可列出在Opensea上出售的艺术品，而没有画廊，玩具公司，电影公司或任何专业团队。因此，IP和新艺术家诞生了。

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.

我们目睹了三，四年前，一些基层IP在欧洲，美国，日本和韩国的顶级娱乐圈中流行。基层艺术家还可以通过NFT实现反向飞跃。对我来说，作为Z世代的成员，他们长大后观看日本动漫，能够参与IP投资和孵化，即普通人无法通过加密货币访问也是一件非常梦幻的事情。

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“疯狂的Matryoshka”和Azuki的灾难级子系列元素之后，NFT的模棱两可地位逐渐变得清晰。它不类似于一种权益或投资。取而代之的是，它看起来更像是具有会员福利的昂贵奢侈品。同时，该项目政党希望我们将继续购买子系列，以支持其在IP核心价值的路线图中的持续投资。矛盾的种子在这里播种。项目各方知道创建内容很昂贵，但是如果没有内容，IP就会消失。每隔几个月发布的子系列不断耗尽OG系列持有人，折磨社区的每个成员，内容的反馈可能需要很多年才能到达，或者这项反馈永远不会出现。裂缝开始扩大，这些美丽的幻想开始随着平价下降而崩溃，只留下了各种冲突。

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.

如果我们将NFT视为Z世代的豪华时尚玩具，那么它们崛起和跌倒的原因就会变得更加清晰。在快餐时代，没有内容并不一定是一件坏事。毕竟，它可以仅根据外观而迅速吸引买家。例如，Azuki的艺术风格与亚洲美学非常相吻合，而基层生产的NFT系列可以紧随Bayc之后，成为第三大蓝芯片。在现实世界中，像Bearbrick，B.Duck和Molly这样著名的时尚玩具也缺乏内容支持，但由于其独特的外观，它们变得非常受欢迎。

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，趋势总是短暂的。如果没有内容为核心价值，这些IP可以随时变得过时。受到加密货币圆圈的文化和NFT的极低成功率的限制，项目政党通常会在单个IP周围不断创建衍生物。但是现实是核心尚未成形，这种风将通过。

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.

当然，有一种PFP项目具有充足的内容支持，即日式NFT。过去，我看到至少有四到五个项目拥有著名的日本动漫IP，希望在NFT市场上大放异彩，但他们似乎并没有考虑到这些IP的粉丝群几乎与这个圈子完全不相容。第二点是日本动漫的外围者长期以来无法选择。球迷们为什么要花费数百次购买小图像？当然，最重要的一点是第三个。这个小图像只能是图像，未来的授权潜力为零。即使您购买了高端NFT，也只能访问Gundam Metaverse“ side-g”的入口。万达（Wanda）从模型，游戏和动画中获得的利润与您无关，社区将不会成为IP孵化的一部分。它甚至被认为是整个Gundam粉丝群中的局外人。在这方面，Gamefi的疼痛点实际上非常相似。

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项目已成为伪构成，只有小企鹅的务实火花仍在努力。那么，小图像还有另一条路吗？我相信流行音乐厅可能会提供不同的答案。

This small store that originated in Beijing's

这家起源于北京的小商店