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PFP project is approaching its final chapter, is the coin issuance frenzy the last straw? This article deeply analyzes the rise and fall cycle of the NFT market, taking Pudgy Penguins and PoP MART as examples, and reconstructs the future path of Web3 IP.

The large-scale adoption of any blockchain or B2C application depends on the price of its token, or rather, the industry not constantly facing the risk of imminent collapse. To a great extent, the biggest issue in the development of cryptocurrency is its growth. The alternating cycles of euphoria during market booms and despair during downturns, occurring approximately every four years, are a consequence of cryptocurrency's pursuit of mass adoption.

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