I did a research project again on Fireverse After sorting it out, the logic of @ FireverseV is very clear: It is not simply a concept of "music+blockchain", but an attempt to build a truly operational "co creation+IP+transaction" loop. The core of the platform is to enable users to participate in everything from melody to lyrics, and ultimately collaborate with celebrities to produce a complete work. This design not only lowers the threshold for music production, but also directly converts fans' sense of participation into assets and profits on the chain. The funding and endorsement aspects are also solid: Completed a $2.5 million financing round (with investors including Nobody, OKX Ventures, Gate Labs, BingX Labs, etc.), and also tied to Nobody's IP platform - Stephen Chow is its First Creator. In the past, collaborations with Xie Anqi and Wen Bixia have been able to be released on the Web2 music platform. For example, "City Light Pursuing Dreams" has been uploaded to major music platforms such as QQ Music, indicating that it is not only limited to the Web3 circle. At present, FIR has launched Binance Alpha and Gate, and on the first day, it surged to $0.13. Although short-term fluctuations are inevitable, their trading nature has been validated. More importantly, collaborative activities can indeed bring users and data - the co creation with Xie Anqi has produced tens of thousands of AI co created music. The current focus is on the "Beyond Limits" challenge initiated in collaboration with the current lead singer of Beyond, Huang Guanzhong. This activity sets up a $3500 reward pool, and selected works have the opportunity to be personally sung and distributed by Huang Guanzhong, and share the copyright revenue. And some of the web2 revenue generated after the preview release will be returned to the project and distributed to IP staking pool users. To me, this is more like a 'real data validation' - the number of submissions, retention rates, and ultimately the ability to generate views on the Web2 platform all directly determine the sustainability of the project. In summary, Fireverse has already achieved its first commercial closed loop, but it still needs to continue to prove that it can truly bind celebrity resources, user activity, and token value together. If the subsequent data remains strong, I will consider a phased layout within a reasonable drawdown range, patiently waiting for traffic and fundamentals to resonate again.