The Hidden Truth Behind Web3 Financing Games: The Complex Ecology from Labels to Dream-Making

The financing game in the Web3 world is far more complex than one might imagine. There was once a rumor that the "advertising space" of a certain treasury could be obtained by purchasing tokens, which we initially dismissed. However, when a middleman actually approached us with a proposal, we realized that we were the ones who were clueless.

In the ICO era of 2017, we naively thought that it was enough to create a good product, promote it on forums, and set up an ICO address. Most of the time was spent answering community questions and developing the product. It was only later that we realized we also needed to meet important figures in the industry, find advisors, seek institutional endorsements, collaborate with market makers, and exchanges. Joining a certain camp often means saying goodbye to the other side.

Despite rumors of exclusivity among certain platforms, as the industry matures, this factional dispute gradually fades in the face of interests. Faced with the absolute advantage of leading platforms, other platforms must set aside prejudices and collaborate to share the remaining market share.

People tend to label things, which is particularly evident in the Web3 space. From market capitalization, industry, and functionality to investors and Token issuance channels, these have all become standards for distinguishing projects. These labels help people quickly form initial impressions and expectations about a project. For example, projects supported by well-known investment institutions are often regarded as top-tier projects.

The spread of memes also follows a similar logic, starting from well-known "narratives" or "IPs". These labels and names themselves contain rich information, reducing the cost of dissemination. As more and more people begin to discuss and profit from it, more individuals will be attracted to join. Especially when influential KOLs and high-net-worth individuals continuously repeat a certain viewpoint, it is easier to touch the emotions of ordinary people.

Web3 is like a dream kingdom where people are constantly searching for the next opportunity. Project teams strive to attract investors with all their might. Although everyone understands that ultimately we need to return to value, there is always a hope that one can be the exception and gain excess returns in this cycle.

From initial skepticism to small-scale trials, and then to a large-scale entry, it often ends in disappointment. But soon, people will be attracted by the next opportunity. What we see as a trend may just be an illusion that the project parties want us to see, while the wealth effect is an enticing bait.

In this repetitive game, we always seem to struggle to break out of this cycle.