A few years ago, I talked with a crypto industry veteran about two blockchain game project investment stories he experienced. Looking back now, they are quite interesting.

The first project, he thought it was pretty average at the time. The partner team was operating in all directions, employees were working independently, and their attitude towards the community was very cold—yet they insisted on paying in coins instead of USDT stablecoins, which meant that those who received the coins would sell immediately for cash.

The second project was completely different. The game itself was well-designed, and the project team was daily engaging with the community to gather feedback, distributing various airdrops and benefits, creating a lively atmosphere. He was very optimistic about this one, saying he planned to participate deeply and asked for my opinion.

My judgment actually pointed to the first one. And what happened?

The first project later got listed on a top-tier exchange, skyrocketing to ten times its value, though it eventually suffered a 90% decline. The second project didn’t see much growth upon launch on-chain and ultimately died outright.

He later called me, saying he sold the coins immediately after getting them, but missed out on the rebound rally. That lesson was really painful—sometimes, community hype and operational effort are not the key factors determining a project’s survival. The market’s cruelty exceeds imagination, and investment decisions are often made amid this cycle of self-doubt.