HOT TAKE: Character/IP based tokens are the same as Character/IP based NFT collections. Neither provides utility but rather a brand to believe in or speculate on. Pudgy Penguins originated as just some cute funny nft. It was nothing more than that. Eventually with time & new leadership they scaled their vision to become something more. But again, it wasn’t that at first. And then you have to think on it…Why did Pudgy Penguins even release their own token? Removing any cynical takes and assumptions. It’s to fractionalize membership so that anyone can be an apart of the community at any price point. So why do we look at Character/IP tokens differently? “Because tokens can be used to sell on people’s heads so the team can profit” NEWSFLASH: The NFT brands that you look upon so fondly, made copious amounts of capital on your heads through a mint. Some raining multimillions if not tens of millions. Some token launches are healthy off the jump & will sell ethically to raise some capital or they may got the route of fees through LP. Others, do things in a dirty fashion and then have been taken over by the community but become successful regardless. BONK is a great example of a token that was simply a meme originally but has now scaled to being an entire ecosystem. Solana accepted and championed it. People love to root for the winners but rarely champion the unproven. Study the Bandwagon effect: Study Social Proof Bias. I also think eventually we need to change the terminology we use. A Character/IP coin is NOT the same a Meme coin. Meme: an image, video, piece of text, etc., typically humorous in nature, that is copied and spread rapidly by internet users, often with slight variations. Sometimes they may overlap but tokens like $PENGU, $FWOG & more are less of a “meme” and more of an IP or Character that can be used in memetic fashion. Memes can eventually evolve into an IP/Character but in my opinion they are not one and the same. The more time I’ve spent around tokens these past few years I’ve gone back and forth on where I stand about them. I think as I’ve seen teams villainize or ignore tokenized communities but champion & rally behind NFTs that aim for the same thing, the more I’ve realized the line between the two is thin. This was a long 1 am thought but one I’ve been sitting on for a moment. If you made it this far, seek help. I doubt anyone reads this all. 💚