In the comments section of the article about Unipeg, a reader asked how Unipeg's NFTs are viewed from the perspective of emotional value.

This perspective allows us to assess not only NFTs but also meme coins.

One criterion in my judgment of the long-term value trajectories of NFTs and meme coins has basically remained unchanged, which is to see whether the consensus generated around them can be sustained and strengthened.

This viewpoint stems from my experience within the crypto ecosystem.

However, recently, I saw a good "stone from another mountain" in another ecosystem that can be used to "polish jade," enriching my understanding of the above viewpoint and supplementing some of my comprehension of emotional value.

During this time, various media outlets have occasionally reported on Duan Yongping's investment in Pop Mart. Many people focus on Duan Yongping's holdings and price points regarding Pop Mart, but I am more interested in the book he strongly recommends: "Because Unique"-----this book compiles in-depth interviews with Wang Ning and various insights from him.

The core of Pop Mart's operation is IP; the series of IP toys they have launched essentially have no practical use, and their selling point lies in providing emotional value, which in Wang Ning's words is about satisfying users' need for "happiness."

This is very similar to NFTs.

In the crypto ecosystem, CryptoPunks were born in 2017, but they really gained popularity in 2020 and 2021; similarly, the classic Bored Apes and Fat Penguins became popular in 2021, and they have not been around for long.

On the other hand, Pop Mart began operating IP toys as early as 2015 and has been deeply involved in this field over the past decade, transforming the industry from niche to mainstream while continuously operating a series of IP to this day, maintaining heated interest and continuous profitability.

Therefore, their experience is very worthy of our reference and consideration.

In "Because Unique," Wang Ning mainly shared the following viewpoints (in essence):

Disney operates IP primarily through movies to generate and solidify IP. However, in today's era, it has become increasingly difficult for people to concentrate their attention for two hours on a single movie and focus on the IP within it.

The approach taken by Disney in today's time not only incurs high sunk costs but also yields diminishing returns.

Thus, it is now very challenging to see Disney create new IP.

So how does Pop Mart do it?

They first find IP that resonates with young people.

This approach, compared to Disney, incurs much lower sunk costs.

Isn't this particularly reminiscent of some suddenly trending NFTs?

Regardless of what causes their explosion, they first trigger a "scream" among a small group of people.

But how do they subsequently maintain the image and status of this IP in people's minds while continuously providing emotional value?

The summary of Pop Mart's experience over the years is: frequently allowing these IPs to appear in people's lives, in various scenarios of their lives, accompanying people as they grow, and subtly entering people's hearts.

Thus, we see that their IPs launch new toys in new scenarios every so often, allowing people to see the existence of an IP in various events, evoking emotional resonance in different situations.

That’s why Molly can remain popular and Labubu can continue to be hot.

We have even seen that they recently launched the Labubu refrigerator------------in my view, this embodies the idea of having IP appear in life, accompanying people in their daily activities. The success or failure of this approach is secondary for now; it involves constant trial and error and exploration.

Pop Mart has successfully built and accomplished a series of IPs using this method over the past decade and continues to profit from these IPs. This serves as the best testimony and endorsement of this approach.

Therefore, transferring this logic and model to NFTs, I believe for the vast majority of NFTs, if they want to continue to thrive and maintain their popularity, and if they wish to develop and enhance purely from the perspective of emotional value provision, they must follow a similar path.

Thus, apart from developing an ecosystem around NFTs, allowing users (both NFT holders and non-holders) to frequently see these NFTs in various scenarios and constantly resonate with these NFTs in different emotions, I do not see any other methods that could enable these NFTs to sustain their value.

However, the reality is quite the opposite------------I believe that the crypto punks, which don’t necessarily need to develop an ecosystem and don’t have to appear frequently, can appreciate in value solely based on their unique status, and they appear repeatedly in different occasions, different scenes, and different ecosystems.

In Bitcoin inscriptions, there are CryptoPunk avatars among the first 10,000 inscription NFTs; in Ethereum inscriptions, 10,000 CryptoPunks have been inscribed onto Ethereum; now in Slonks, CryptoPunks are once again mentioned as a creative foundation.

On the surface, every time a new innovation appears, many people see the emergence of new, "iconic" NFTs, but I always feel that it is just another round of promotion and reinforcement of CryptoPunks.

After the trend passes, those new, "iconic" NFTs will soon be forgotten, but CryptoPunks will have been reinforced in memory and consensus once again.

I believe that in more future innovations, whenever NFTs are involved, CryptoPunks will likely passively appear time and again.

To some extent, I feel this is a strong satire of most NFTs that urgently need to develop an ecosystem.

Therefore, by learning from Pop Mart's operation of IP, and from the perspective of providing emotional value to assess all these new NFTs, unless they can appear frequently and continuously provide emotional value like Pop Mart's IP, otherwise their potential is difficult to evaluate in the future.

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