After reading @lonelyhorseme brother

NFT is growing, but we are falling behind

The following is a reflection of the rise and fall of NFT projects in the Chinese region over the past two years💔

“The Chinese NFT community is almost dead. When PFP, as the engine of the wealth effect, gradually stalled, NFT gradually became a thing that “even dogs don’t play with” in the Chinese community.”

——This seems to have become a consensus🥶

In the final analysis, the root cause lies in Eastern ideology. Due to China's rapid modernization process, we have completed the path that took Europe and the United States nearly 200 years in just a few decades, from famine and war, extreme material poverty to the present where most people have enough food and clothing and even start to enjoy life.

From a material point of view, this is certainly a miracle unprecedented in human history, but from a psychological level, the deep-rooted basic consciousness of just three or four generations cannot be reversed in a few decades, including the obsession with material things and the lack of spiritual pursuits.

When I was overseas, the thing that impressed me the most when communicating with local people was that they all felt that Chinese people (even people in the entire East Asian culture) don’t enjoy life, but are busy running around, as if they can’t make enough money. Obviously, their assets are no longer on the same level as theirs, but they seem to have no holidays and are always working, working, as if only constant busyness can cure the anxiety of Chinese people. In their world, this may be the stupidest behavior, and they may never understand why in their cultural context😆

It is often said that Chinese people have no faith, only money. This is not difficult to explain the performance of the Chinese community in the NFT Web3 subdivision track. Web3 is already a niche, and NFT is a niche in the niche. In such an extreme sample, it will naturally show more vividly.

So what we see is that the Chinese area of ​​NFT is profit-driven and emphasizes the wealth effect. All the prosperity of communities and the temporary popularity of projects that we have seen before are all based on a certain financial foundation. If the floor of the project falls, and the project owner or the community is unable to match its financial attributes with the hot atmosphere of the community at that time, it will eventually lead to the decline of the community for one reason or another; on the contrary, no matter how fud the community is, as long as the price is strong enough, or even rising, there will never be a worry about active people staying and singing long, and continuing to build.

In the past one or two years, some promising projects have emerged in the Chinese area. Some of them are good at art, and some are good at operations. However, it is too difficult to build a successful NFT project. The right time, right place, and right people are all essential.

Perhaps if these projects were launched in the previous bull market, they would have performed better and achieved good results. The money raised from the issuance would also be sufficient for subsequent operations and delivery to support them to persist until the next bull market. However, things do not always go as planned. Such projects are often trapped by the market environment, arbitrageurs, and the limitations of their own team's capabilities. At this time, if the founders' original intentions are not firm enough and they are unable to make up their minds to go all in (due to human nature, we cannot ask others to persist in making a losing business. After all, many founding teams come to Web3 with their own opportunity costs in Web2. When the most basic income is not guaranteed, it is not surprising that they leave the battlefield), the final result is nothing more than the end of the song and the dispersal of people.

◼Here, for the project parties who once had visions, it is the market and the arbitrage users who hurt their hearts. Even if they made products with their heart and delivered them to the holders, they did not get the expected returns in their hearts. The holders only thought about the appreciation of the assets they held. As long as the assets appreciated, even if they did nothing, they were still good project parties. It is common that some projects were once high because of a whim, and the holders would add drama to the project parties, give themselves pua, and cx everywhere (a bit like some fans in some film reviews guessing the director and screenwriter’s intentions, or a deep interpretation of their favorite actors’ acting skills, just their own imagination). But when people come in, there will always be more bad guys. After making profits, the originally healthy community may become a mixed bag, and people’s hearts are unfathomable. At this time, the ability of the project party that was once suitable for the original community has become a double-edged sword that restricts them. The holders who may have been able to only serve their own community in terms of ability, at this time, a large group of arbitrageurs who came to make money came, and they naturally couldn’t resist. The atmosphere of the community often changed subtly in an instant, laying the groundwork for the future

◼For the high-quality holders who are willing to believe in the project, it is even more miserable. As a large number of project parties use soft and hard rugs, they are ruthlessly harvested wave after wave. The painful experiences again and again have turned into doubts about human nature. In many cases, the strong background, excellent operation team, and the founder’s passionate declaration are like a blank sheet of paper after the project evaporates, as if nothing has ever existed. What is left is only the self who is still in a trance and the brain is still filled with that beautiful vision, which adds to the sadness. Since then, the firm motto of "paper hands always make money" has become their motto. They are no longer willing to accompany the growth of the project. All they have is gambling again and again, and strictly stop losses like a robot.

The cause and effect of this situation, which came first, the chicken or the egg? After the industry has developed for some time, historical review will give the answer (I am more inclined to believe that a large number of unscrupulous project parties did evil first, destroying the purity of the entire utopia)

I never worry about the future of the NFT industry, let alone the future of NFT in the Chinese region, because the real creators with ideals and aspirations, and the consumers with visions, actually still exist in the Web2 world in large numbers (after all, the population base is there). They just can’t touch the boundaries of NFT for various reasons, but one day, it will bring those who truly belong to it here in some way💖

Attached: "NFT is constantly developing, but we are constantly falling behind" original link: https://twitter.com/lonelyhorseme/status/1717164404092141969

Glad you read this, thanks for your time❤

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The industry is still in chaos. In the long river of history, we are all lonely movers🤘

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