Think this take is pretty spot on. We’ll likely see both really successful and really unsuccessful attempts at high end PFP / collectible / IP plays on Monad. But the majority underestimate how difficult this is to actually pull off. I think a lot of people look at Pudgy Penguins and say “oh wow this is an awesome IP, they have games, toys, social dominance and other vehicles to grow the brand.” While these things are true and good, it’s actually a lot more than that. There’s a massive IP graveyard from 21/22 to back that up. You need capital, operational discipline and constant storytelling to maintain relevance. The success of a high end PFP collection maps basically 1-1 to the founders’ potential. > Can you start a legitimate cultural movement? (Is the founder a good leader?) > Do I have faith that you (founder) will be around in 1 year, 5 years, 10? > Distribution - how are you going to get IP in the hands of new consumers, markets? > Revenue - generally an important concept for growth > Motivation - why is the founder doing this? > How good is your luck / timing? I also think utility NFTs (using NFT tech for ticketing, access, etc) will also be successful, but for very different reasons. For utility NFTs, it’s simply about solving problems with incumbent systems and creating a better experience for consumers. Rather than building a cult, it’s more about finding actual PMF. A high throughput, low fee EVM environment can actually support this, from both economics and accessibility standpoint. Excited to follow the continued progress - keep the awesome content coming @4ormund!