NBA Top Shot 🆚 Flow Blur 🆚 Blast Unisat 🆚 Fractal Bitcoin What do these projects have in common? They were relatively successful in building applications but fell into a quagmire when creating public chains. Success is often the result of many factors working together: timing⏰, luck🍀, resources, and the alignment of capabilities. Achieving success once is already a blessing from above. Replicating success is even harder. Building applications and creating public chains require vastly different team capabilities and competitive dimensions. This is also the brutal reality of the crypto industry: the lifecycle of most projects is very short, and talking about "long-termism" is a luxury. However, if projects don't actively transform, they face equally tough and winding paths.

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