The biggest difference between TCG cards and most NFTs in the past is:

They are not assets created solely for speculation.

The value of TCGs is not based on crypto market trends, narratives, or short-term capital flows.

Even if the entire crypto market enters a bear market, demand for TCG cards with a solid player base remains.

The reason is simple: people who collect TCGs are not aiming for "short-term gains."

They care about:
The rarity, versions, historical significance of the cards, and the cultural value accumulated over time.

Because of this, a phenomenon often occurs in the TCG world:
Old cards are always worth more than new cards.

Time is not a risk but a filter.
The longer you hold, the less circulation, the more complete the story, and the greater the value becomes.

This is fundamentally different from many past NFTs that rely on narratives, hype, and capital rotation, which can drop to zero once the story collapses or liquidity dries up.

TCG cards do not live on market sentiment but rely on the "players × collectors × time" three elements, gradually establishing their position.

It's also because collectors are willing to hold long-term that once a card enters the collection system, its circulation naturally decreases, capital no longer enters and exits frequently, and value is locked into the structure over time.

This is why, when NFT narratives cycle repeatedly and capital flows in and out rapidly, TCGs can continue to accumulate long-term value and sustain capital between Web2 and Web3.

However, I hold a different view regarding native crypto IPs or so-called "blue-chip" projects attempting to develop TCGs.

Most blue-chip NFTs, even if they shift to a TCG format, are still very likely to end up zero.

The reason is not whether "the card format is right," but because these projects were never designed to cultivate a player ecosystem from the start; they exist to serve market sentiment and liquidity narratives.

When narratives fade and capital withdraws, these IPs lack genuine collector culture, historical depth, and long-term players. TCGs will only become a packaging tool to extend story lifespan, not a source of value.

In other words, a TCG without a player base is just another form of NFT.

Therefore, my conclusion for projects that market themselves as "blue-chip transition" is very straightforward — do not invest or hold long-term.