Recently, I’ve seen a few blockchain game pools collapse quite proficiently: in the early stage, they pull people in with high yields, and then once inflation kicks off, the output is like opening sluice gates—sell pressure gets hammered every day, and the little real money in the pool simply can’t hold up. To put it plainly, it’s not that “players are fewer,” it’s that the economic model from the very beginning treats exiting as the only rational choice.

Last night, I also took a quick look on-chain. A certain game treasury address kept transferring a string of small amounts out to a routing address for around ten-odd minutes, then swapped them into stablecoins and withdrew. The gas fees weren’t expensive, but the pace was very much like “if you get paid by the hour, you run away by the hour”… Everyone is sharp.

Recently, social mining and fan tokens have also been hot. People talk about “attention as mining,” and it sounds pretty novel, but it’s basically the same as blockchain games: issuing tokens as rewards, and packaging inflation as a sense of participation. Without sustained cash flow or a recovery/buyback mechanism, attention can at most buy a burst of excitement. In the end, it still comes down to whether there are new inflows into the pool and whether it can absorb sell pressure. Anyway, I’d rather play less now—I don’t want to be taught again by “early bonus” hype.