GM Feels like we're entering another shift in the NFT ecosystem, and I wanted to share some thoughts and perspective on where things might be heading. Compared to earlier this year, things seem to have slowed down quite a bit. There's plenty of turmoil among the blue chips, with FUD continuing to surround many of the projects from the last cycle. I won't get too deep into the reasons behind it, but I do think these collections have their die-hard supporters who aren't going anywhere. Things may get turbulent, with more PvP and mudslinging over the next few months, but eventually I believe they'll find a bottom. Personally, being sidelined on most of these blue chips, I've always been in the camp that we don't need them to succeed for NFTs to continue growing. In fact, I think we'll see some smaller collections slingshot past, or at least rise to the ranks of, some of the former greats. Collections like @quirkiesnft, @ChimpersHQ, @frankythefrog , and @yuckyducks come to mind. These projects have built real communities and, in many ways, have had the advantage of standing on the shoulders of giants. They've been able to learn from the successes and failures of those who came before them, particularly when it comes to balancing brand growth, revenue, and the responsibility they have to their holders. Building an IP brand in this space is difficult. Not impossible, but certainly not easy. I think collectors are beginning to recognize that and will become more cautious about buying into new IP narratives. As that happens, I believe more appreciation, respect, and collecting activity will gravitate toward projects that have already demonstrated an ability to build something meaningful. As we've seen through previous cycles, art continues to stand the test of time. It's fundamentally easier to understand where the value lies and why someone would want to collect and hold a piece of art. I'm happy we're seeing more collections championing that narrative. That's not to say art is some foolproof investment. Quite the opposite. Art is a luxury, and when times get tough financially, it's often one of the first things people stop spending money on. If we enter a prolonged bear market, art collections will absolutely feel that pressure too. The difference, at least to me, is that the reason to collect the artwork doesn't disappear simply because the market does. Another interesting development is that the slop seems to have slowed down. While the space felt much busier earlier this year, a good portion of that activity was random mints, quick cash grabs, and attempts to bring meme-token-style trading into NFTs. I think both founders and collectors are growing weary of that cycle. We're seeing fewer random mints, or at least less participation in them, and that's one of the things I'm actually happy about. For the moment, it feels like we're moving toward quality over quantity. But that presents another problem. If collectors become increasingly selective, only supporting established projects and founders with proven track records, where does that leave the next generation of builders? How does someone new enter the space, build trust, and find an audience? That's something I'm genuinely curious to see play out. And while I've focused quite a bit on art and IP, I wouldn't count out Simple Farmer and Stonk Brokers either. Simple Farmer is an incredible builder who genuinely cares about this space. He's also created something that has real demand, bringing a different type of participant into the NFT ecosystem. I think there's plenty of room for this direction to grow alongside art and IP, and I'm interested to see where he takes it. So where do I think we're heading? I expect continued turbulence among the blue chips before they eventually find a bottom. I think some of the smaller, established collections have an opportunity to rise significantly in the coming months. And I suspect we'll see a quieter period for new mints, with more attention going toward the builders who have been here consistently doing things right. It might not be the most exciting period for speculation, but I think it could be a healthy one for the ecosystem. Curious to see what next year has in store for us. Personally, I'm pretty happy with the direction things seem to be evolving.