Whenever I see a project leading with "IP & culture" as their main selling point, I know it's time to move on. That playbook doesn't work anymore.

"But collectors love this narrative..."

Let's be real here. Those collectors? They're tapped out. They've accumulated so many assets that their wallets have basically gone dormant.

The collection phase is over for most of them. And when they do decide to mint again—if they ever do—they're not going after the same tired formulas.