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代币化创作者经济论纲

目录

摘要
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  • 核心问题:作者试图把迷因币擅长吸引投机注意力、创作者经济擅长持续变现这两种能力合并,论证 $ANSEM 可成为“代币化创作者经济”的社交网络与价值载体。
  • 关键论点:第一,注意力虽属无形资产,却可通过迷因币定价,而创作者经济预计到 2035 年达 2 万亿美元;第二,作者凭 110 万粉丝、Bullpen、Market Bubble 和创作者费用形成发行与分发基础;第三,游击营销、分阶段空投、协议激励与可信社区可把短期关注转化为持续链上参与;第四,Friend.Tech、Time.fun、Pump.fun 与名人币分别暴露高税费、增长受限、获客不足、缺乏持续承诺等问题,作者声称其方案可规避这些缺陷。
  • 关键人物 / 机构 / 标的:Ansem、$ANSEM、Bullpen、Market Bubble、pump.fun、Friend.Tech、Time.fun、Bonk、Hyperliquid,以及作为注意力资产参照的 Bitcoin、Dogecoin、$TRUMP。
  • 风险与不确定性:全文是项目方自述,预测与估值未经独立验证;作者持有约 58% 供应量,存在高度集中、治理与抛售风险;“价格上涨即营销”、延后空投以降低卖压等机制具有明显反身性,长期效用仍待产品与协议采用证明;历史案例并不能保证新项目成功。
  • Takeaway:这是一份将个人影响力、迷因文化和链上激励证券化的项目论纲,而非中立研究。其创新点是尝试把粉丝关系变成可组合网络资产;判断价值时应把作者的分发能力与代币集中度、利益冲突和执行风险同时纳入。

中文译文
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迷因币已证明,凭借高度热情的社群,它们能够有效吸引散户投机,但在关注度见顶后往往无法维持持续活跃。创作者则证明,围绕忠实粉丝社群可以产生持续收入,但迄今仍缺乏直接押注创作者影响力的方法。$ANSEM 首次真正尝试把这两种不同事物合并为一种代币,让持币者围绕统一使命与网络形成利益一致。其使命是打造加密史上规模最大的单次链上用户导入事件,同时建立一个关注交易市场、维护财务自主并向加密生态回馈价值的网络。我认为,代币化可以把这两种新原语结合成可持续模式,使创作者、投机者和粉丝共同受益。 资产估值由有形与无形指标共同决定。有形指标包括企业收入、行业地位、产品开发和创新程度;注意力、故事与叙事等无形指标则更难定价。最好的资产能同时做到两者。迷因币和创作者经济,是衡量注意力美元价值最显著的两种表现。到 2035 年,仅创作者经济就将成为 2 万亿美元产业。

创作者经济市场规模预测(中文版)
创作者经济市场规模(2025—2035 年,十亿美元) 迷因币是极强的散户投机载体:没有基本面或收入,价格完全取决于一段时间内还能吸引多少新增注意力。最著名的例子是狗狗币,在 Elon Musk 支持后于 2021 年达到 880 亿美元市值。比特币同样没有收入,其估值来自网络对 $BTC 作为非通胀资产的集体信念,以及对区块链持续运行和出块的信心。相比之下,创作者经济能用相近注意力产生更可持续的收入,却缺少投机环节;MrBeast 在 2025 年从 YouTube 获得 8500 万美元收入,其他业务约 9 亿美元。

Ansem 是我在加密领域的网名,源于《王国之心》的贤者安瑟姆与黑暗探求者安瑟姆。黑色公牛是交易者熟悉的牛市形象,在中文文化里也象征勤奋、力量与可靠。我从 2017 年开始活跃于加密推特:当时有 1000 名粉丝,2020 年 5000 名,2021 年 10 万名,到 2026 年通过加密与市场教育已超过 110 万名。过去十年,我随社交平台注意力增长而持续成长,而且仍在加速。

我拥有交易终端 Bullpen,以及 X 上的播客 Market Bubble,每期稳定平均 1000 万次浏览。作为 pump.fun 平台创作者,每个发行代币都可把创作者费用导向个人钱包。由于大量交易者希望获得我的关注,过去两周我已产生超过 140 万美元费用。目前链上成交量与活动仍处低谷;若加密成交量回归,尤其将部分创作者费用用于增强 $ANSEM 生态,这些数字只会加速。我多年观察迷因币、名人币、创作者币、SocialFi 等加密消费尝试,清楚什么有效、什么无效,并相信自己是少数处于多个交叉点、能让此模式运转的人。通过持续游击营销、分阶段空投、协议激励对齐及多年社群信任,我将建立多元化持币者社交网络,为加密内外品牌提供极具价值的营销受众;$ANSEM 既代表迷因币,也代表对 ANSEM 品牌增长及其对大型企业价值提升的投机押注。愿景是让 $ANSEM 成为 RWA 之后下一个 2 万亿美元加密赛道——代币化创作者经济——的领导者,以代币作为高速增长的创作者经济中资本效率最高的市场进入层。 打造首个代币化社交网络 Instagram 全球约有 30 亿用户,但 Meta 估计仅有 3000 万股东。如今多数社交媒体用户并不持有他们投入最多时间的平台公司股票,尽管用户正是平台价值的主要来源。迷因币被忽视的一点是,它们能以股票做不到的方式吸引散户投机者。此前没有一种资产既能像狗狗币一样激起散户兴趣,又能像 Meta 或 Apple 一样吸引严肃投资者——直到现在。 **游击营销:**没有比“价格上涨”更强的营销漏斗。我在市值低于 1000 万美元时接管该币,拥有一批最活跃、强烈希望项目成功并扩大曝光的核心社交粉丝。许多新币一开始便估值数亿甚至数十亿美元,而该币在我互动前曾以 20 万美元市值交易超过一周,因此可算非常公平的发行。我持有总供应量约 58%,计划把它连接到我在加密领域的所有事业,通过与其他协议合作,尽可能吸引新参与者进入链上经济。 **分阶段空投:**多数空投集中在一次事件中分发部分代币,以向社区分享估算的美元价值。我则将供应量缓慢分给最活跃的社区成员,无论他们是在制作统计工具、围绕代币开发产品,还是跨渠道创作营销内容。只在达到特定里程碑后分发,并等待更高市值与更多持币者,可降低整体抛压,同时制造持续需求和效用,激励网络中最积极的参与者。 **协议激励对齐:**迷因币擅长大规模吸引散户注意力,却常无法将其转化为链上经济参与。上一周期 Solana 上最好的尝试是 Bonk:围绕迷因开发 bonkbot 与 bonk.fun,并与行业开发者对齐;但像狗狗币等多数案例都未把散户转成加密高级用户。借助 $ANSEM,我将激励协议与持币者整合;我在业内已有大量关系,也有许多协议主动寻求个人合作。我可引导持币者网络使用特定协议并获得奖励。计划结合加密领域两类已验证的 50 亿至 500 亿美元业务路径:Hyperliquid 的激励对齐与 Bonk 的注意力转化,并应用于增长速度超过永续合约和迷因币单一赛道的新领域——创作者经济。 **可信社区:**我自 2017 年起活跃于加密推特,2021 年起全职投入。从极端投机活动到博士级学术内容,很少有人像我一样每天都沉浸在加密世界。除分享市场观点和教育内容外,我一直无法直接回馈线上关注者。$ANSEM 让我能与超过 100 万粉丝直接利益对齐,也让他们可以通过一个交易者易于共鸣的迷因,押注我未来的影响力和成功。 过往案例研究 **Friend.Tech:**这是 Base 上一款社交应用,让用户投机代表私人聊天室访问权的用户“钥匙”。钥匙采用联合曲线,价格上涨后会高得难以承受,原意是限制群组人数。Friend.Tech 在一年后关闭前赚取约 5000 万美元。失败原因包括:买卖各 5% 的交易成本过高,平台抽取巨额费用并抑制投机;联合曲线而非普通代币限制群组扩张,也削弱高价阶段投机;V2 除房间钥匙外增加俱乐部钥匙,却没有显著聊天功能创新,兴趣和活跃随之消失。不过它也证明了两点:游戏化体验能诱导人们投机个人;用户愿意付费,以更接近可信人物并进行私人交流。$ANSEM 吸收了这种“对个人信任进行估值和投机”的成功部分,但没有过高税费,也没有限制长期增长的联合曲线。

Cat 关于 Friend.Tech 的好文章:原文 **Time.fun:**这是 Solana 上另一个允许投机个人关联代币的平台,提供直播和持币者聊天室,并推动创作者分享实用信息。它难以获得市场关注,应用交易量不及其他代币发行平台;上线时市场风险偏好也不高,用户此前刚被多起名人诈骗币伤害。Time 有效提供了持币效用,却未能吸引高风险投机者。此案例支持“迷因等无形价值会贡献资产价值”的观点:交易者不愿只购买被代币化的个人,却会积极交易迷因。$ANSEM 通过让持币者围绕不完全依附单一个人的、可共鸣迷因对齐,避免 Time.fun 的错误;同时 Market Bubble 与我的 X 继续以教育内容维护粉丝关系。 **Pump.fun:**Pump 过去也尝试过创作者币,但多数未成功。它们像迷因币一样能短暂吸引注意,却无法保持相关性;这些币与创作者在 pump.fun 的个人直播绑定,并把部分费用返还创作者。我认为失败是因为创作者影响力不足,无法独力持续维持关注;和 Time.fun 类似,它们也没有创造超越个人、可供大众共鸣的对象。$ANSEM 将通过在用户已经存在的 X、Kick、TikTok、Instagram、YouTube 等渠道持续扩大我的网络和影响力,而非只在 pump.fun 内直播,并利用我更持久的注意力,避免前人的错误。

**名人币:**上一轮及此前周期发行币的名人几乎都惨败。他们与不顾加密生态利益的诈骗者合作,发行由内部人士集中打包,目的是在第一波关注高峰时卖光筹码。名人只收一次性预付款,发几条社媒后便不再提及。$ANSEM 完全相反:我持有大部分供应量,没有获得优待、准备砸盘的内部人;代币有可共鸣的迷因和社群内容,我也会投入必要资源,建立多个牢固的正向反馈循环。 结论 我已从过去平台的错误中学习,并相信若执行得当,这会成为一种此前从未存在的新原语。市场对投机此类代币显然兴趣巨大,而创作者与粉丝关系也已被证明是可持续商业模式。我拥有三项独一无二的护城河:

  • 规模超过 1 亿美元的资金库激励飞轮护城河
  • 押上我自 2017 年以来积累的独特社会资本
  • 与另外两个领先垂直赛道直接互联(Bullpen:加密永续合约;Market Bubble:加密播客) $TRUMP 曾达到 800 亿美元市值,$DOGE 曾达到 880 亿美元,但它们只是未来形态的概念验证。凭借三重深厚护城河,我相信 $ANSEM 有能力引领即将到来的 2 万亿美元创作者经济赛道。

原文(英文)
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原文标题(英文):The ANSEM Thesis

Memecoins have proven to be successful in attracting retail speculation through deeply passionate communities, but have failed to produce sustained activity post-peak attention. Creators have proven to be successful in producing sustained revenues around die-hard communities of fans, but to date there has not been a way to speculate directly on a creator’s influence and impact. $ANSEM is the first real attempt at combining these two distinctly different things into one coin that aligns token holders around a unified mission and network. The mission is to be the largest singular onchain onboarding event in crypto history, while creating a network of people curious about trading markets, maintaining sovereignty around their finances, and contributing value back to the crypto ecosystem. I believe that tokenization can be uniquely effective here in combining these two novel primitives into a sustainable model that benefits both creators, speculators, and fans. Asset valuations are determined by tangible and intangible metrics. Tangible metrics like business revenues, industry positioning, product development, degree of innovation. Intangible metrics like attention, storytelling, and narratives are much more difficult to price in. The best assets are elite at achieving both of these things simultaneously. Memecoins and the Creator Economy are the two most notable representations of determining the dollar value of attention. The Creator Economy alone will be a $2T industry by 2035.

Creator Economy Market Size
Memecoins are incredible vehicles for retail speculation, with no underlying fundamentals or revenues, they trade purely off of how much additional attention they are able to garner over a certain timeframe, Dogecoin being the most well known example reaching $88B in 2021 after being supported by Elon Musk. Bitcoin, another example of an asset with no revenues, is valued purely on the network’s collective belief in $BTC as a noninflationary asset and the confidence in the blockchain continuing to run and produce blocks. In contrast, the Creator Economy generates much more sustainable revenues from similar levels of attention, but without the speculation piece, with Mr. Beast generating $85M from Youtube in 2025 and ~$900M from his other businesses.

Ansem is my online alias in crypto, stemming from the character Ansem the Wise, & Ansem Seeker of Darkness from the Kingdom Hearts franchise. The black bull is a caricature very familiar with traders representing the bull market, and also has meaning in Chinese as signifying diligence, strength, and dependability. I’ve been active in crypto twitter since 2017, starting with 1k followers then, 5k followers by 2020, 100k followers by 2021, and now have over 1.1M followers in 2026 from educating people on crypto and markets. I have consistently grown over the past decade with growing attention on social platforms and am only continuing to accelerate in this direction.

I have my own trading terminal, Bullpen, and my own podcast on X, Market Bubble which consistently averages 10M views per episode. As a creator on the pump.fun platform, there are creator fees on every coin launched that can be directed to individual wallets. Because so many traders want my attention, I have generated over $1.4M in fees over the past two weeks. We are still at peak lows for volumes and activity onchain, assuming crypto volumes come back these numbers will only accelerate especially if a portion of creator fees are used to bolster the $ANSEM ecosystem. I have seen what does work and what does not work in crypto consumer over the years with memecoins, celeb coins, creator coins, socialfi, and other attempts, and strongly believe I am one of the only people at the cross-section of many different things able to make something like this work. Through continuous guerrilla marketing, staggered airdrop mechanisms, protocol incentive alignment, and years of trust built through community building, I am going to create a diversified social network of token holders that will be extremely valuable for brands internal and external to crypto to market products towards, while the $ANSEM token represents both a memecoin and a speculative bet on the $ANSEM brand growing and becoming more valuable to many large businesses. The vision is that $ANSEM can be the sector leader of the next $2T crypto industry vertical after RWAs: The Tokenized Creator Economy - where tokens exist as the most capital-efficient GTM layer for the exponentially growing $2T Creator Economy. Building the first Tokenized Social Network Instagram has ~3 billion users worldwide, but Meta only has an estimated 30 million shareholders. Most of the people using social media today do not own the underlying stock attached to the equity of the company where they spend most of their time even though they are the main reason it has value. What is underlooked with memecoins is that they attract retail speculators in a way that stocks simply do not. Nobody has been able to create an asset that piques the interest of retail in the way something like Dogecoin would, but also attracts serious investors like Meta or Apple does, until now. Guerrilla Marketing: There is no greater marketing funnel than number go up, by CTO’ing this coin at sub 10M market cap, I have a strong core group of my most active followers on socials that are very aligned in seeing this do well and getting it in front of as many eyes as possible. Many new token launches today start at hundreds of millions or even billions, this coin traded at $200k market cap for over a week before I decided to interact with it, making it one of the most fair launches possible. I have ~58% of total token supply, and am intent on connecting this coin to all of my endeavors across the board in crypto, with the goal of onboarding as many new entrants as possible and introducing them to the onchain economy through partnerships with other protocols. Staggered Airdrops: Most airdrops focus on single events to distribute a portion of the token supply to users with the goal of sharing some estimated dollar value with the community. Instead, I am focused on slowly distributing the supply to token holders who are most active community members, whether that is building tools to highlight statistics, building products around the coin, or marketing content on different channels. By only distributing supply after certain milestones are achieved and waiting for higher market caps and higher token holder count, you effectively reduce overall sell pressure while creating persistent demand and utility for the coin and incentivizing the most active participants of the network. Protocol Incentive Alignment: Memecoins are great at achieving attention with retail at scale, but once they get this attention they often fail at converting them into the onchain economy. Bonk was the best attempt at this on Solana last cycle, building bonkbot & bonk.fun as products around the meme and aligning with other builders in the industry, but in most cases like Dogecoin retail is not converted into crypto power users. With $ANSEM I will create incentives for protocols to integrate with token holders, as I already have many connections within the industry and inbound of protocols wanting to partner with me individually. I can leverage the network of token holders to use specific protocols and reap rewards. I plan on combining the two proven approaches of $5B-$50B businesses in crypto: Hyperliquid’s incentive alignment, and Bonk’s attention conversion - in a new sector (Creator Economy) that is growing faster than either verticals alone (Perps & Memecoins). Trusted Community: I have been on crypto twitter since 2017 and full time since 2021. There is nobody who lives and breathes crypto more on a day to day basis than I do, from all of the degenerate activity to the PHD-level academia. I’ve never been able to give back directly to the community of people who follow me online, other than through sharing ideas and education around markets. $ANSEM gives me a way to directly align with 1M+ followers while also giving them a vehicle to speculate on my continued influence and success represented by a meme that is easily relatable to anyone trading these markets. Past Case Studies Friend.Tech: A social app on base that provided a way to speculate on users “keys” that gave access to private chatrooms. These keys existed on a bonding curve that became prohibitively expensive as price went higher, with the intent of limiting the total number of people in a group. Friend.Tech made about 50M before shuttering after a year. It failed for a few reasons. One the cost of each transaction was way too high. At 5% buy/sell it was ludicrous how much the platform raked in fees and prevented further speculation. Also, the bonding curve instead of just tokens directly prevented the groups from growing large and also reduced speculation at higher key prices. Friend.tech failed to innovate to maintain interest in the app and activity died off after V2 which introduced keys for clubs in addition to keys for rooms without adding much functionality to the chat. Even though Friend.tech failed, they found success in a few things. Their gamified UX enticed people to speculate on individuals, and also they proved the already known use case that people would pay for access to get closer to trusted individuals to converse with them on a personal level. $ANSEM takes part of FT’s success in that it enables speculation and attaches some value to the trust of an individual, but it does not have a exorbitantly high tax on users nor a bonding curve that restricts growth over time.

good article by cat on FT: https://www.egirlcapital.com/writings/181712053 Time.fun: This was a platform on Solana which also allowed people to speculate on coins attached to individuals. They enabled streaming and chatrooms for token holders to be active in and pushed creators to share useful information on the platform. Time struggled with getting attention from the rest of the market as their app did not have as much volume as other token launchpads. Also its timing of launch was not great as the market was not very risk-on at the time, and people had been burned on many scam celeb coins shortly before. Time effectively provided utility for holders but was not able to attract the degen speculators. This is one of the most interesting studies because it lends credence to the idea of intangible value like memetics contributing to the value of an asset. Traders did not want to buy just individuals tokenized, but at the same time were actively trading memes. $ANSEM avoids Time.fun’s missteps by aligning the token holders around a meme people can relate to that is not purely tied to one individual, while Market Bubble & my X continue as channels for building relationships with followers through educational content alongside the token existing. Pump.fun: Pump also attempted to do creator coins in the past and many were not successful. They traded similarly to memecoins in that they were able to achieve attention for a short amount of time but did not have sustained relevance. These coins were connected to creator’s individual livestreams on pump.fun had some fees redirected back to creators. I believe these failed because the creators who were doing them were not influential enough and they were unable to continue to keep attention on the coin themselves on their own. Similarly to Time.fun, they also did not effectively create something else that people could relate to outside of just the individual. $ANSEM avoids past mistakes by creators on pump.fun by continuing to grow my network and influence on other social media channels where users are already located like X, Kick, Tik Tok, Instagram, & Youtube instead of just streaming in the pump.fun app, in addition to me having more sustained attention than those who have attempted in the past.

Celebrity coins: Every celebrity who launched a coin in crypto last cycle and the previous cycles failed miserably. They partnered with scammy individuals who did not want the best for the crypto ecosystem. Every token launch was bundled by insiders with the intent of selling all of their supply during the first spikes of attention. Celebrities took one-time payments up front for a few social media posts and never mentioned the coins again. $ANSEM is the complete opposite of this model in that I own the majority of the token supply and there were no insiders who got preferential treatment to dump on people. The coin has its own relatable meme and content that people can rally around, and I am fully dedicated to making sure this works as well as possible with the necessary resources to create entrenched multiple positive feedback loops. Conclusion I’ve learned from past platform’s mistakes and I’m confident that if executed properly this can be a net new primitive that has never existed before. It is clear that there’s an overwhelming interest in speculating on these tokens and it is evident that creator-fan relationships are a sustainable business model. I have three one-of-one moats of:

  • mass $100M+ treasury incentive flywheel moat
  • staking all of my one-of-one social capital moat that I have built since 2017
  • direct inter-connectedness to two other leading sector verticals (Bullpen: Crypto Perpetuals, and Market Bubble: Crypto Podcasts) $TRUMP went to $80B market cap and $DOGE went to $88B market cap, but they were simply a proof of concept for what is to come. By leveraging my three-pronged deep moat, I am confident that $ANSEM has the ability to lead the upcoming $2T Creator Economy vertical.

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