During the last cycle, the three major assumptions everyone had about NFTs didn’t come true: Assumption 1: NFTs would become an asset class comparable to or even surpassing the FT market in scale — In reality, NFTs have poor liquidity, insufficient capital capacity, and small community size. As a result, this cycle saw meme coins hype up more easily than NFTs. Comparison here: https://(x.com)/Sea_Bitcoin/status/1848164596332614059 Assumption 2: NFT project teams and creators could rely on royalties for sustainable income, forming a unique creator economy track — In reality, when the asset value of NFTs declines, royalties become a tree without roots. Assumption 3: NFTs would become a core component of the metaverse in the long term — Turns out, the metaverse itself became an ambiguous meme. Even though Facebook rebranded to Meta, now they’re relying on AI to be great again. They’re even planning to cut 30% of the metaverse budget by 2026.