Looks like the era of vapourware and hype driven NFTs is coming to an end. Aidrop speculation, headlines with no real world scope, paid UGC, burning capital for attention are not working. What works: PMF strength, real world revenue, community activity and buyback strat. more Price go up is what really matters when it comes to NFTs, cuz applies to both long term and short term holders. Imho the only way to grow a brand is to build revenue that has zero reliance on either, but empowers both stakeholders. Probably why strategy tokens work well. The real NFT strategy is when there’s a product generating real world revenue and buying % of ecosystem tokens or NFTs. Hyperliquid is a great example in the trading sector. Started the buyback meta. Prediction markets are a great example for PMF in the online gambling and betting industry, with revenues now soaring. But it’s tough for NFT companies, as more are trying to build real world revenue in gaming, entertainment and media sectors. And it notably takes a longer time to find product market fit in these sectors. Not many exist. But it’s a good time to study the ones that do have strong PMF, real world revenue potential and buyback strategies in place. There’s a lot of brands out there that are building stuff for their respective real world target market and industry sectors. Example: @azuki has built @animecom which is growing at an insane pace with buybacks with % rev for $ANIME in place and most importantly no reliance on web3. They are competing for market share with platforms like Crunchyroll, MAL and others that do 8-10 figs in revenue, year on year. Even if they manage to capture 2-5% of the market, which is a v conservative estimate. Thats a revenue potential of millions, a part of which flows directly back into their web3 ecosystem tokens (and maybe NFTs?). Translation > price go up. Just an example of product play and how real world revenue can become insane growth drivers for web3 ecosystems. Long term brand equity, community activity / ties, IP power and headlines with real world scope matter too. A lot of NFT brands do well there. So many great ones. I think this NFT market dump is a good thing because it prompts teams to build scalable ways to make the price go up. It will become extremely easy for market participants like us to find these diamonds in the dirt when they start flywheel-ing. NFTs aren’t dead. They are evolving, and will take time to reach their full potential. The few brands that are building ahead of this curve, they will survive crashes like these in future and see great upside. Good time to zoom out, find good entries and pick your winners, Cheers. 🥂