The lemon market in economics also applies to the blockchain industry, where bad money drives out good money and low-quality projects drive out potential high-quality projects. A PPT project that relies on storytelling and VC accumulation can achieve the first wave of monetization by simply selling NFTs at nodes. It only requires buying a bunch of KOLs to cheer for it and make the leeks buy it. Projects in this specific market environment can become overvalued even without any landing scenarios. If such 'low-quality' projects can become popular in the market, the motivation for other project parties to spend more time and energy building 'high-quality' projects will become weaker and weaker. Over time, 'low-quality' projects will flood the entire market, ultimately forming a 'secondary market'. This also explains why there are so many days of dead TGE projects now, and not a single snowflake is innocent during an avalanche.