The opportunity in the IPO market is indeed scarce at the moment, and blind participation carries significant risks. Even well-known projects like Zama find it difficult to deliver optimistic returns unless they are part of a high-quality early-stage NFT ecosystem.

The MegaETH (Sonar) and Superform (Legion) tokens in holdings have not yet undergone TGE, and this waiting period itself tests patience. What's more disheartening is that most of the recent IPO projects participated in are showing losses, reflecting the current cool atmosphere in the primary and secondary markets—risk of breaking the price support is clearly rising, and investors need to be more cautious in assessing project fundamentals and liquidity prospects.