内容硬币是什么吗？

传奇对冲基金经理雷·达利奥（Ray Dalio）发出了明显的警告：我们正在观察全球货币订单实时破裂。

Welcome back to the Now Newsletter. I’m Matt Medved.

欢迎回到现在的新闻通讯。我是哑光的。

I’m writing to you live from the TIME100 Summit in New York. The speaker lineup is as eclectic as it is star-studded — from Meghan, Duchess of Sussex, and Ryan Reynolds to Demi Moore and Netflix Co-CEO Ted Sarandos. However, the most interesting talk of the day concerned the future of finance.

我在纽约的Time100峰会上写信给您。演讲者的阵容和星光熠熠的阵容一样折衷 - 来自梅根，苏塞克斯公爵夫人，瑞安·雷诺兹（Ryan Reynolds）到黛米·摩尔（Demi Moore）和Netflix Co-Ceo Ted Sarandos。但是，当今最有趣的演讲涉及金融的未来。

Legendary hedge fund manager Ray Dalio issued a stark warning: we’re watching the global monetary order break down in real time. Bonds are falling, gold is rising, and faith in traditional currencies is fading fast.

传奇对冲基金经理雷·达利奥（Ray Dalio）发出了明显的警告：我们正在观察全球货币订单实时破裂。债券正在下降，黄金正在上升，对传统货币的信念正在迅速消失。

Circle CEO Jeremy Allaire called it a once-in-a-generation reset — one where digital dollars could become the new financial foundation by creating ongoing demand for U.S. treasury bonds.

Circle首席执行官杰里米·阿莱尔（Jeremy Allaire）称其为曾经是一代人的重置 - 数字美元可以通过创造对美国财政债券的持续需求来成为新的金融基金会。

And Senator Kirsten Gillibrand? She says Congress still hasn’t woken up, and stablecoin regulation remains the lowest-hanging fruit.

和参议员Kirsten Gillibrand？她说，国会仍然没有醒来，Stablecoin法规仍然是最低的果实。

It’s worth noting that the panel was preceded by a video explaining Bitcoin, stablecoins, and — believe it or not — NFTs. Welcome to the new world order.

值得注意的是，面板之前是一段视频，解释了比特币，stablecoins，以及 - 信不信由你信不信。欢迎来到新世界秩序。

Which brings us to the latest evolution in onchain experiments: “content coins.” Here are my thoughts on the topic du jour. 

这使我们进入了OnChain实验的最新演变：“内容硬币”。这是我对du Jour主题的想法。

🪙 Are Content Coins a Thing?

🪙内容硬币是什么吗？

The idea of “content coins” is having a moment.Thanks to Base's recent moves on Zora — minting media into tradeable tokens with a single post — a question is rippling through crypto circles: Are we witnessing a meaningful shift in how we value media, or just another flavor of memecoins masquerading as innovation?To begin, let’s clarify some terms.Memecoins thrive on narrative and virality. They’re tokens with no intrinsic utility, pumped by vibes, communities, and often chaos. Their value comes from attention and speculation, not fundamentals.NFTs, on the other hand, represent unique assets. They’re well-suited for media: visual art, music, essays. They’re non-fungible because each carries context and meaning. Content coins try to bridge these worlds. They’re fungible tokens minted from media — tweets, posters, images. You can buy, sell, or trade them like any other ERC-20. But instead of promising future roadmap value (à la traditional projects), each coin reflects a single moment, and its value lives or dies on what the market makes of it.The difference is intention and execution.There’s a compelling thesis behind the movement. As Base's Jesse Pollak argues, the internet has long failed to value content properly. Likes don't pay the rent. Paywalls gate creativity. Algorithms extract value rather than reward it.In this light, content coins offer a radical alternative: an internet where media is free to access, but ownable, tradable — even investable. They propose a market-native way to reward creators and rewire value flows in the attention economy. Speculation becomes a discovery engine. Culture becomes currency.This is the ideal.But crypto doesn’t operate on ideals. It operates on reflexes.When Base minted two content coins within an hour — both via Zora — the first surged to a $13M market cap, only to crater by 90% after the second launched. No context. No communication. Just confusion. What was framed as infrastructure felt indistinguishable from a memecoin drop — and carried the same risks.Crypto markets don't reward nuance. They reward focus. Which is why memecoins work best when there's only one. The entire community rallies behind a single narrative, concentrating liquidity and attention around a unified idea — think $DOGE, $PEPE, $MOG. Launching more than one fractures both the meme and the market.That's what happened to Base's first token. And to $TRUMP when $MELANIA launched. The meme got cannibalized. And people lost money.Pollak's vision rejects that model. He believes every piece of content can, and should, be its own coin. Post, mint, move on. No roadmaps, no Telegram groups, no cult of personality. Just an open protocol for coining culture.In theory, this could normalize onchain creation. But in practice, it collides with crypto's most scarce resources: attention and liquidity.When every post becomes a coin, each one competes not just with other creators, but with your last one. You fragment your narrative. You dilute liquidity. You flatten meaning into momentary price action.Crypto doesn't scale well with infinite inputs. It needs:handles to rally around (e.g., memes, personas) to siphon attention and liquidity into a single point of focus. Otherwise, the experiment quickly becomes noise. Especially when its biggest proponent is visibly struggling to maintain clear communication, coherent messaging, and a consistent tone of voice throughout. As I argued in our recent op-ed, not every piece of

The idea of​​ “content coins” is having a moment.Thanks to Base's recent moves on Zora — minting media into tradeable tokens with a single post — a question is rippling through crypto circles: Are we witnessing a meaningful shift in how we value media, or just another flavor of memecoins masquerading as innovation?To begin, let's clarify some terms.Memecoins thrive on narrative and virality.它们是没有固有效用的令牌，被共鸣，社区和经常混乱所吸引。它们的价值来自关注和猜测，而不是基本原理。它们非常适合媒体：视觉艺术，音乐，论文。它们是不可杀菌的，因为每个都具有上下文和意义。内容硬币试图弥合这些世界。它们是从媒体上铸造出的可替代令牌 - 推文，海报，图像。您可以像其他任何ERC-20一样购买，出售或交易它们。但是，每个硬币都没有承诺未来的路线图价值（传统项目），而是反映了一个时刻，其价值或对市场所产生的价值而死。差异是意图和执行。运动背后是一个引人注目的论文。正如Base的Jesse Pollak所说，互联网长期以来一直无法正确重视内容。喜欢不付房租。付费沃尔斯门的创造力。算法提取价值而不是奖励它。在此光线中，内容硬币提供了一种根本替代方案：互联网可以自由访问，但可以拥有，可交易 - 甚至可以投资。他们提出了一种奖励创作者并在注意力经济中重新划分价值流动的方式。猜测成为发现引擎。文化成为货币。这是理想的。但是加密货币不以理想为基础。它以反射运作。当基地在一个小时内铸造了两枚内容硬币时，两者均通过Zora，第一次飙升至1300万美元的市值，仅在第二次推出后的火山口下降了90％。没有上下文。没有沟通。只是困惑。框架的基础设施与成人跌落无法区分 - 并承担了同样的风险。他们奖励重点。这就是为什么只有一个时，Memecoins效果最好的原因。整个社区在单个叙事背后集会，围绕一个统一的想法集中流动性和关注 - 想想$ doge，$ pepe，$ mog。发起了一个以上的模因和市场骨折。这是Base第一个令牌发生的事情。梅拉尼亚（Melania）推出$ trump。模因被蚕食了。人们损失了钱。他认为，每个内容都可以并且应该是自己的硬币。帖子，薄荷，继续前进。没有路线图，没有电报团体，没有人格崇拜。只是一种开放的培养培养方案。从理论上讲，这可以使OnChain的创建正常化。但是实际上，它与加密货币最稀缺的资源相撞：注意力和流动性。当每个帖子变成硬币时，每个帖子不仅与其他创作者竞争，而且与您的最后一个竞争。你的叙述使你碎裂。您稀释流动性。您将含义弄平了瞬时的价格动作。Crypto随着无限输入的规模不佳。它需要：处理要围绕（例如，模因，角色）集结，将注意力和流动性屈服于一个关注点。否则，实验很快就会变成噪音。尤其是当它最大的支持者明显地努力保持清晰的沟通，连贯的消息传递以及一致的语调。正如我在我们最近的专栏中所说的那样，并非每一个