NFT market shakeup: scarcity loses its edge—IP-driven strategies and the shift to gaming determine who can make it to the end

Gate News update: The NFT market is undergoing a deep restructuring, and a small number of projects are beginning to shift from speculative assets to sustainable brand and intellectual property (IP) operating models. Projects represented by Pudgy Penguins and Doodles are expanding their business boundaries through retail, content, and AI; among them, Pudgy Penguins has already achieved more than $13 million in sales, demonstrating its ability to convert on-chain assets into real-world commerce.

The industry is currently showing clear segmentation. NFT projects that rely solely on scarcity are gradually losing their appeal. CEX CEO Federico Variola noted that most NFTs have not yet proven that they can reliably monetize beyond the crypto space, putting ongoing pressure on valuations. Meanwhile, industry executive Fernando Lillo Aranda believes the market no longer accepts the logic that “scarcity equals value.” Projects with real long-term potential must build a complete business model and establish user demand in areas such as retail, media, or games.

A similar shift is also taking place in the gaming sector. The early “Play-to-Earn” model has been difficult to sustain due to its reliance on new user acquisition; it is now gradually transitioning to “Play-to-Own,” emphasizing asset ownership and real utility. Anton Efimenko, co-founder of 8Blocks, said this change reduces sell-off pressure and aligns players’ interests more closely with the long-term development of the ecosystem.

At the same time, NFT IP tokenization is becoming a new trend. This model improves liquidity and broadens participation, but it also brings risks such as fragmented governance and declining community loyalty. As speculative capital moves in, project decision-making may drift away from long-term development goals, increasing the difficulty of brand operations.

Overall, the NFT industry is entering a selection phase. Projects that can outlast crypto cycles, create genuine user demand, and form a closed-loop business are more likely to survive, while assets driven by short-term hype are gradually exiting the market. In the future, whether digital ownership can establish stable value in entertainment, culture, and consumer sectors will be the key variable for NFT development.