I had fun watching it early in the morning, and I could see the problems of ApeCoin DAO clearly as an outsider, but I didn't think about it until halfway through 2025. I read a report a long time ago that there was a person who made up a proposal, swindled a lot of money from the ApeCoin DAO, bought a sports car himself, did nothing about the proposal, and then returned the rest of the money. It's ridiculous, but it's real, and I've heard of people even swindling money out of DAOs in an organized way. The development process of BAYC is quite embarrassing, at the beginning it showed the momentum and vibe of becoming a trendy brand in the new era, but it was worn out later, and it is difficult to say whether it has anything to do with this DAO. At least in my opinion, when the momentum was at its peak, they were constantly pushing their own community to make all kinds of peripheral products, maybe the team was lying flat, or maybe they were poisoned by the narratives of "decentralized community driven" and "metaverse" at the time. Professional things still have to be promoted by professional people, and in my opinion, the DAOs that are now considered successful, or at least functioning, are all made by people with professional capabilities. It is difficult to say whether it is right for them to continue to make games in the future, because making games and making IP are both bets, and if they win the bet, they will take off, and if they make a mistake, they will be ignored. But the similarity is that they are all very difficult, especially for the Web3 crowd to do consumer projects. There is a saying in economics that "people's expectations of future income will affect their spending power", which means that if they feel that their future income will be stable and will increase, they will start buying now. This is the case in the consumption scenario, but in the Web3 scenario, the expectation of future income comes from the NFT/coin purchased by oneself, and the consumption motive becomes the investment motive, which will naturally be very screwed and very difficult to do.