TechFlow news: Xin Jiang, partner at Old Fashion Research, stated on Twitter that from the perspective of product-market fit (PMF), very few projects in the crypto space truly achieve PMF. Traditional PMF has primarily focused on areas such as exchanges, public chains, data analytics tools, and middleware—essentially projects fulfilling trading needs—but these sectors are already highly saturated.
However, if viewing the crypto space as an entertainment or gaming sphere whose core offering is emotional value, then small-cap assets such as memes, NFTs, and inscriptions demonstrate strong PMF by effectively satisfying users' emotions like greed, envy, and the desire to show off, thus forming an alternative path to success.
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