Recently, I’ve been watching a blockchain game pool, and it feels like the same old problem: once the big move is made, the tokens flow like a water faucet, and there’s not much real consumption on the demand side (the so-called "leveling up" or "drawing cards" ultimately just cycle back into selling pressure). Inflation keeps the price anchored at the bottom, and the pool looks deep, but it’s actually just artificially inflated by rewards. To put it simply, everyone is calculating when they can run faster than others; when a pullback happens, execution gets distorted. I now pay more attention to net inflow and the proportion of real consumption—preferably earning less but not wanting to be the one left behind.

By the way, I’ve been looking at social mining and fan token schemes—"attention is mining." It sounds lively, but if attention can’t turn into sustained buying and consumption, it’s just like pure token issuance in blockchain games. Sooner or later, it all comes back to the issue of selling pressure.