Recently, I noticed an interesting phenomenon—a token called "Suohaha" attracted 2,255 SOL in public fundraising within a day, with over 1,200 wallets participating, and its price shot up 300% immediately after launch.

At first glance, it looks like another meme coin frenzy, but if you think about it carefully, the logic behind this is a bit different.

It claims to be tied to a short drama IP with 1 billion views, and says that token holders can participate in revenue sharing. This isn’t just about memes and community hype; instead, it’s an attempt to package real content traffic and revenue into tokens for retail investors. Simply put, it’s “securitizing” the monetization of IP.

If this model works, what does it mean? It could mean that in the future, more film and television works, influencer content, or even viral short videos might try issuing tokens. By then, token speculation might really come down to copyright agreements and revenue distribution mechanisms, not just watching K-lines and chasing hype.

But on the other hand, there are plenty of pitfalls here.

First, who can guarantee the long-term value of an IP? A short drama might go viral, but that doesn’t mean it will stay popular forever. Once the traffic peaks, how will the token price hold up? Second, how exactly will this so-called “revenue sharing” be distributed, how much, and can it actually be implemented? These details are often the easiest places for problems to arise. Plus, meme coins are already highly volatile, and with the added speculation around the IP concept, retail investors can easily end up buying in at emotional peaks.

I think this trend is worth paying attention to, but not worth FOMO-ing into blindly.

If you really want to participate, at the very least make sure you understand a few things: Are the IP’s numbers real? Where is the revenue sharing mechanism documented? Is the team background reliable? Does the contract have any backdoors?

The crypto market is indeed evolving, gradually shifting from pure consensus speculation toward asset-backed models. But no matter how it changes, risk and reward always go hand in hand. Don’t lose your basic judgment just because of a new concept. After all, the crypto space never lacks stories—it lacks projects that can survive to the end.