The era of crypto stories is over: these projects will stand out!

How did the story era of the cryptocurrency market begin?

Tiger Research, an Asia-based Web3 research and consulting firm, points out in its latest report the major shifts that are taking place in the cryptocurrency industry. The company believes that the "story-driven" investment logic that drove prices up in past bull markets has begun to fail. Analysts point out that investors are no longer just focusing on hot narratives or short-term trends, but are more focused on projects that have a real user base, generate stable revenue, and have sustainable business models. The report emphasizes that as the industry matures, projects that can provide practical application scenarios and create long-term value will stand out.

Tiger Research pointed out that the cryptocurrency market has been driven by different themes for many years. A specific narrative dominates each bull market cycle, but these trends will eventually be replaced by new stories, the report said.

Analysts summarize the past few stages as follows:

In 2020, the DeFi project stood out.

In 2021, NFT and Play-to-Earn games will receive widespread attention.

In 2022, the competition between Layer-1 and Layer-2 blockchains will become the focus.

In 2024, retaking projects will become the core of investors 'attention.

The report notes that while these narratives have attracted large amounts of money in the short term, the number of projects that can achieve long-term success is quite limited.

Tiger Research views the GameFi industry as one of the most compelling examples of story-driven growth. The report said the GameFi ecosystem attracted approximately $2.5 billion in capital inflows after gaming giants Square Enix and Ubisoft invested in the Web3 gaming industry. However, Axie Infinity, one of the industry's most popular projects, reached approximately 2.8 million active users in January 2022, but has now dropped to just 8000, revealing how fragile story-driven growth can be.

2025, the year when the crypto story peaked

According to reports, during 2025, a new investment theme will emerge in the cryptocurrency market almost every month.

Outstanding topics include:

MemeCoin Project

Real World Assets (RWA)

Cryptocurrency Treasury Corporation

Tokenized Shares

Stabiloin Related Project

Tiger Research said that the phenomenon of investors 'constant pursuit of new narratives will peak in 2025. This period became an important turning point for the industry.

In 2026, the focus will be on products and users

Tiger Research believes that the cryptocurrency industry is entering a new stage. Analysts pointed out that the value of a project will no longer be determined solely by its promised vision, but will be measured by its actual application scenarios. In the future, investors are expected to pay more attention to the following criteria:

Number of active users

Actual transaction volume

Sustainable revenue model

Capital efficiency

Operational success

Long-term product development

The report pointed out that the project now no longer develops products first and then waits for users, but focuses on providing solutions to existing needs.

Tiger Research emphasizes that decentralized finance (DeFi) is also undergoing a major transformation. The report notes that DeFi was originally aimed at creating alternatives to the traditional financial system, but is now focusing on providing the on-chain financial infrastructure needed by banks and institutions. This change is one of the important signs that the industry has shifted from ideological orientation to practical application.

Evaluation

A report released by Tiger Research pointed out that the cryptocurrency industry has entered a new era. In the past, price movements were largely determined by stories and trends, but now investors value projects that can reach real users, generate revenue, and build sustainable business models. Experts believe that in the future, projects that can develop powerful products and meet real needs will gain significant advantages in long-term success in the encryption ecosystem.