The Endgame and Reboot of NFT: A Reevaluation of the IP Path

1. The End of the NFT Craze

The last boom of the NFT market came to a halt with the token issuance of certain well-known projects. The once-popular narrative is now forgotten, and the enthusiasm for various NFT projects is gradually fading.

10k PFP projects once had a beautiful vision - a moderately sized community helping grassroots IP projects to reach the world. This is in stark contrast to traditional IP projects which require a large amount of capital and time to mature. The barrier to entry for NFT creation is low, the speed of IP assetization is fast, and creators only need to pay a small amount of Gas fees to sell their works on trading platforms, without any intermediaries.

We have witnessed some grassroots IPs rise to fame in the top entertainment industry, with ordinary creators making a comeback through NFT. For the new generation that has grown up in anime culture, being able to participate in IP investment and incubation is a dream come true.

However, as some well-known projects continue to launch sub-series, the positioning of NFTs has gradually become clear - they are more like expensive luxury goods with membership benefits, rather than true equity or investment. The project parties hope that holders will continue to purchase new series to support subsequent IP development, but the cost of content creation is high, and the return cycle is long. This contradiction has led to cracks appearing in the community, and the beautiful fantasies have been shattered as the floor price falls.

2. IP Operations in the Real World

If we consider NFTs as the luxury trendy toys of the new generation, their rise and fall become easier to understand. In the era of fast food culture, even without substantial content, they can quickly attract buyers solely based on their appearance. In the real world, there are also many well-known trendy toy IPs that have become popular for a time just by relying on their unique appearance.

However, trends are always short-lived. Without content as a value support, these IPs may become outdated at any time. Limited by circle culture, NFT projects often revolve around a single IP and continuously derive from it, but they often fade before forming a core.

There are also some projects with mature IPs attempting to enter the NFT market, but they seem to overlook the huge differences between the IP fan base and the NFT community. The high prices and limited usability also make it difficult for traditional IP fans to accept NFTs.

At this point, PFP projects have fallen into a predicament. So does image NFT still have other pathways? A certain trendy toy brand may provide an answer.

This small shop that originated in Beijing took its first flight by代理某日本IP. After the copyright owner reclaimed the agency rights, it began to build its own IP empire. The founder's idea is very simple - to create IP that cannot be taken away by others. The company collaborated with designers to launch its first自主潮玩 series, quickly gaining popularity across the country through the blind box gameplay, becoming a core source of income.

This model that combines gacha with high-end trendy toys is also very common in the NFT craze. But why do many NFT projects fail while this company soars again?

The reason may lie in the model. After the initial success, the company did not stop at a single IP, but instead built an entire IP wall. It now has more than ten proprietary IPs, dozens of exclusive IPs, and a large number of non-exclusive co-branded IPs. People's preferences are always changing, but having hundreds of options allows for easy adaptability.

We need to rethink what an IP business is, what the development path of NFTs is, and why a company can achieve such success without content support.

3. The Pragmatic Path of NFTs

The success of a certain penguin NFT project lies in its pragmatism. The NFT technology itself is unlikely to have any major breakthroughs; the key lies in the implementation of the IP. Many projects want to achieve success overnight, but the real challenge is how to translate NFTs into real value.

The success of this project is attributed to the new team's experience in physical marketing. They are truly building a brand and operating a company for NFT holders. From marketing to peripherals to future games, every step is solid and steady. The company is profitable, and holders can also benefit. This proves that the bottom-up IP model is feasible in Web3, and the key lies in whether the project party is willing to be grounded.

Many tracks that have been "disproven" may still have the potential to be reborn in Web3 in the future, but they need suitable project teams to put them into practice.

Four, Future Path

The future development of NFTs needs to break free from some inherent frameworks. To become a top IP in the Web3 era requires long-term accumulation. Whether the scarcity of NFTs hinders the process of popularization is a question worth discussing.

If NFTs are defined as trendy consumer products, then the traditional issuance quantity may be too limited. If they are seen as unique assets and fundraising methods in Web3, then IP ultimately still needs to fulfill its commitments to the community through physical products, rather than endlessly issuing sub-series.

Based on circle culture and the inherent attributes of NFTs, many projects have to operate long-term around a single IP. How can we innovate on the existing PFP foundation? How can we expand a single project into an IP factory? This requires us to embrace new ideas and introduce more technologies and gameplay.

V. Thoughts on Token Issuance

The significance of issuing tokens for NFT projects is still unclear. It seems more like an exploitation of early holders and a dilution of the original NFT value. Perhaps this is just a way for the project team to seek a quick exit.

From APE to DOOD, these tokens often offer features such as on-chain dividends and the right to purchase virtual items. Ideally, this should create a positive cycle among holders, stakers, and developers. However, in reality, it often falls into a vicious cycle of NFT devaluation, declining returns, and token depreciation.

For early NFT holders, although the tokens have dispersed some rights, they often receive a large number of airdrops. However, in the long run, this is undoubtedly a form of dilution, and the distribution methods of certain projects are nothing short of blatant plundering.

Short-term popularity is certainly important, but the long-term development of the project is even more critical. Don't let the token issuance become the endpoint.

Conclusion

In this fast-paced era, we have witnessed the rise of many emerging IPs. NFTs should thrive in this environment, as they have many unique advantages. However, reality differs from expectations. Although there are not many willing to rebuild, I believe that under the ruins lies the next success story.