TechFlow reports that Luca Netz, CEO of the NFT project Pudgy Penguins, said in an interview with Blockworks that the old NFT business model is outdated. This model involved creating hype, telling stories, hoping people would believe and buy the works, easily earning substantial profits through royalties, then launching more collections to generate even greater profits. He emphasized that this business model is now obsolete.
Netz pointed out that in the current challenging environment, NFT-centric companies need to change their strategies. The bear market has weakened this business model, and entrepreneurs need to earn real revenue in the real world. He stated that when a business relies on uncontrollable external factors—such as royalties or market volatility—entrepreneurs cannot control their own destiny.
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