elv | VGEN

NFTs are not coming back. Not the 2021 version. Not the 10k PFP collections. Not the instant 100x after mint. Companies still anchored to the old ways are going to die. They’ve already started to. Multiple NFT-centric companies have shutdown in recent months. And more will suffer the same fate. NFTs were built on speculation. When speculation left, so did the business model. Marketplaced shut down. Platforms collapsed. Tooling dried up. Volume was gone. While some NFT platformd pivoted, others stayed complacent. Instead of rewarding users, building infrastructure, product depth, and growing TAM, some companies’ greatest success is an endless token farm. Platforms still focused on NFTs have a largely bleak outlook. Magic Eden saw the same dying volume. They pivoted. Beyond NFTs. Toward entertainment. Toward engagement. Toward new TAM. They built Dicey. A new brand. A new direction. A new revenue stream. A new industry. You can argue the category, but you cannot argue the adaptability. There has never been a better time to take a swing at bat. NFTs as speculative assets are finished, likely forever. If you’re still leading with “we are an NFT platform,” you are falling behind in a time where the best of the best have already found new markets. The only way to survive in this market is to create a new market.