The interesting thing about crypto is that everything reduces to price. All the variables like culture, community, utility, provenance, sentiment, holder wealth, etc all get thrown into a function and you get a number out of the other end. "Utility" will never exist at scale because it's borderline impossible to provide something valuable for 10,000 people instantly because it costs absurd amounts of money to instantiate "real value", it has to come from someone which means labour. Although, pudgy licensing and kanpai pandas etc have demonstrated that catering to a small amount of power users can create value based on sentiment/trust/opportunity (which is reflected in price). Utility can look different depending on the context; we're quick to say 'this project/protocol gave us a token and free money' but in truth there's real value that's being delivered it just looks like free money. If you play a game and then get a token, you got paid to try out the game and/or were given the "utility" of having an early advantage over others in said ecosystem. Same story as protocols. The point is that all of these things get abstracted away and reduced to price. When it comes to PFP projects, they will become less of a midcurve trade when people start looking at fractionalised price charts and seeing them directly as altcoins. The distinction between altcoins and NFTs is that NFTs also have a social identity layer which the previous iteration of tokens didn't have. That's a powerful feature, and the reason why most of the people that make up core resilient communities on chains are NFT maxis. Right now the spreads are too high and markets are still relatively inefficient to be desirable to trade. Protocols like @floorprotocol and loan platforms like blend are solving this slowly, but that needs time alongside a more collective awakening towards seeing NFTs as coins. Other topic was 'what can a project that's failing do to go up? do another nft? launch an ordinal collection?'. If your project is going down it's a sign that either (a) you've lost your core community or (b) your culture is less valuable in the world. A can be solved but is also a subproblem of (b). If we're seeing NFTs as primarily stores of culture, then the price will reflect that and team should be doing more interesting things that boost the variables going into that price function. Focus on memetics, focus on the people, focus on art, focus on creating a vibe that people love, build things that enhance that culture, experiment with financialization as an art medium, get your holders to experience upside through taking agency in proliferating and curating culture in their own way while having an ownership stake (derivatives) etc. Eventually price will catch up, and if it doesn't after a long period of putting in your all, it's okay to pack things up and move on. Sometimes you can have the founder's dilemma in crypto which means you can't move on easily so just bring your holders over to a new culture and just make sure it feels fair and that they're taken care of. On the note of dilution; The problem with most NFT collections is that they are forcing the dilution when the true value of that dilution is lower than the expected value. Dilution for altcoins don't make sense, but for NFTs the unique phenomenon we have is that social identity creates value for the tribe. If you can find a way to allow others to feel like they're a part of the group and fully invested into that group, while having some lower level of financial stake you can create a situation where dilution is +EV for existing holders because the true value of that dilution exceeds the expected value. You've onboarded more liquidity into the ecosystem, and offered value creation to existing holders that may have received free mints or benefit from some other value accrual mechanism. You're mostly only going to get this phenomenon if the dilution is done by the community and therefore decided by the market...decentralizing the brand and enriching the culture further without interference or bias from the core team. At the end of the day, that's the point of creating a culture in crypto; alignment between all holders and decentralized self-organised proliferation.