Recently, my articles have discussed the rise of IP, but many still believe that large capital does not truly focus on this type of narrative.

This judgment actually does not align with the long-term capital logic formed by traditional industries.

In traditional markets, IP has always been one of the most stable and scalable profit structures.

Hollywood, Disney, Nintendo, Pokémon, Marvel—their market value and cash flow have never been supported solely by individual products, but by IP itself that can be monetized long-term and repeatedly.

Movies, games, licensing, merchandise, brand collaborations, theme parks, film and television adaptations—these are not emotionally driven storytelling tactics but a business model validated over decades with high predictability.

The value of IP lies in its ability to continuously reduce customer acquisition costs, extend user lifecycle, and transform one-time consumption into long-term relationships.

Therefore, the real question worth discussing has never been:
"Does IP have value?"

But rather: "Does the so-called IP truly possess the structural qualities that IP should have?"

Most Web3 projects face a dilemma—not because the market does not accept IP, but because they only stay at the superficial packaging level.

Lacking clear character memory, scalable worldviews, and culturally rich content that can accumulate over time, such products naturally find it difficult to form emotional attachment, let alone attract long-term capital allocation.

Furthermore, blockchain actually provides another layer of structural possibility for IP.

The connection between on-chain assets and off-chain physical assets does not necessarily have to be limited to tokens, stocks, bonds, or real estate.

As long as the IP itself has a mature market and stable demand, its licensing revenue, merchandise sales, usage rights, or profit-sharing structures can fundamentally be mapped into divisible, traceable, and combinable asset forms, thereby creating RWAFi application scenarios.

This is not about financializing IP with packaging, but about technically reconstructing existing business structures.

The recent collaboration between Disney and @AbstractChain Penguin Chain is a representative signal.

Top-tier Web2 IPs are not chasing Web3 narratives; they are evaluating how to utilize on-chain tools to optimize their existing asset management, user engagement, and value distribution models.

Returning to a more core question.

As long as the IP itself is attractive enough, converting traditional users into Web3 users is not a barrier.

Blockchain has never been the reason projects cannot break out; it is merely the underlying infrastructure.

The real key is: whether your product is attractive to "non-Web3 users" themselves.

This has already been validated by actual cases.

Whether it’s the multiple games under WEMIX or "MapleStory N," players are not motivated to enter because they understand blockchain, but because the game itself is mature, fun, and has a strong IP recognition.

Even if they initially lack a blockchain background, players will actively learn, research, and understand related mechanisms just to participate.

The technical barrier has not disappeared, but it has been naturally absorbed by the "content value."

This also once again shows that Web3 does not need large-scale education; it needs to be properly hidden.

When users are willing to adapt technology for content, it means that the true success is not the chain itself, but the completeness of the product and IP.

Ultimately, the projects that can truly break out are not those emphasizing how Web3 they are, but those whose IP and products remain valid even if the words "blockchain" are removed.

Because of this, you will find that some teams' efforts have already clearly moved away from the realm of "short-term narratives."

Whether it’s @Kindred_AI or @StoryProtocol, their core focus is not just issuing tokens or achieving single product success, but trying to establish sustainable IP structures and content flywheels, allowing characters, worldviews, and creator ecosystems to accumulate and spread on-chain, ultimately returning to market-valued asset layers.

Compared to projects like @Aster_DEX or @MemeMax_Fi, which develop towards Perp DEX, this route is not suitable for evaluation based on short-term data.

It is more aligned with the traditional market’s understanding of "IP value" and "asset sustainability"—that is, whether it can establish long-term participation, emotional stickiness, and a market structure that can be repeatedly used and priced.

But this is also the direction where Web3 truly has the opportunity to mainstream.