After the article was published the day before yesterday, some readers left comments asking about NFT projects. I am not very familiar with the NFT projects mentioned in the comments, so I cannot provide any reference opinions.

I have discussed NFT investments in my previous articles.

Overall, I believe there are basically two methods for investing in NFTs:

If you have a large amount of capital that can be set aside and can afford to lose, and you won't need it for a period of time, even years, then buy the top collectibles in the ecosystem that have a high consensus.

These collectibles are like Bitcoin; they have left an indelible mark in the history of the crypto ecosystem. They do not need further empowerment and can be considered as artworks, such as CryptoPunks and NFT artworks (typical examples include classic crypto artworks in ArtBlocks).

As time passes and new generations of crypto users join, the value of these collectibles will certainly match or even surpass that of the world-renowned traditional artworks.

I believe there are many treasures and potential varieties in this category, and buying them now is like purchasing Qi Baishi's paintings at the end of the 1970s or official kiln pieces from the Kangxi, Yongzheng, and Qianlong eras in the early 1980s.

However, this method requires a certain threshold of capital and is only suitable for a very small number of NFT enthusiasts with a particularly strong interest; it is not very applicable to most users.

More importantly, NFTs that meet this standard are just a minority in the entire ecosystem.

In this ecosystem, I think there are more and broader NFTs that are similar to IP works. These NFTs have a low initial sale price, lack significant historical and collectible value, and their potential and appreciation come from the extension and expansion of their narratives. The success of these NFTs in the future depends on whether the team can operate effectively and develop added value around the NFTs.

For most users, with limited capital, what they can often buy are these types of NFTs.

These NFTs are essentially like Disney's Mickey Mouse and Donald Duck IPs.

Disney developed the IPs of Mickey Mouse and Donald Duck, but the value of this IP is not just the cartoon characters; it also includes the movies, TV shows, licensed toys made around these characters, and even the offline theme parks that eventually formed.

If you hold such an IP, all the value created around these IPs can bring huge returns to the holder.

In my view, many NFTs today, including those mentioned in the reader comments, belong to this category that aims to follow this route.

So, are there any successful cases of this type currently?

Bored Ape Yacht Club once aimed to take this path and worked hard at it. Its direction was not offline but online. It developed online games and created its own three-layer expansion chain, ApeChain.

But unfortunately, it seems that it has not been successful so far. The games it developed were popular for a while but then disappeared. I checked ApeChain a while ago; although it listed several projects, it was quite uninspired, and describing it as a knockoff would not be an exaggeration.

On the other hand, another previously failed NFT project, Pudgy Penguins, has made a comeback, providing a glimmer of hope for this path.

Pudgy Penguins has a slightly different approach. It first went offline by selling IP toys to increase its visibility, then fed back to the chain by launching a token to expand its influence, and finally attempted to establish an on-chain gaming ecosystem with its own layer-two expansion.

This approach is not particularly innovative, but the team's execution is quite impressive. The project has come a long way from being a failure to achieving such popularity, which is no small feat.

However, whether this path can continue, especially whether it can form an on-chain gaming ecosystem, still needs further observation. If establishing an on-chain gaming ecosystem were easy, the state of chain games in the crypto ecosystem would definitely not be as lukewarm as it is today.

So from this perspective, the risk for ordinary investors investing in this category of NFTs is still considerable.

In summary, for NFT investments, if it is purely based on interest—just liking small images or the culture of the community—then it doesn't matter what you buy; just consider it a purchase for happiness and joy.

But if you are approaching it from an investment perspective, hoping to gain returns in the future, I believe investors with sufficient capital can try the first method; for ordinary investors with average capital, it is better to be cautious at this time.

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