PANews reported on January 28th that, according to The Block, despite a recent surge in token issuance on the Base network due to Zora and its "content token" mechanism, the number of active addresses on the network is at its lowest level in 18 months, and transaction volume is also declining. This discrepancy highlights a "vanity metric" problem on the network. Zora's mechanism allows creators to issue tokens with near-zero cost and extremely low friction, leading to a flood of low-value tokens that, while inflating issuance statistics, fail to generate sustained user engagement or actual economic activity.

The token $thenickshirley, launched by content creator Nick Shirley last December, is a prime example. Despite his exposé of daycare fraud garnering over 100 million views and attracting attention from figures including Elon Musk and Coinbase CEO Brian Armstrong, the token's market capitalization briefly surged to $15 million before plummeting to around $75,000, with a 24-hour trading volume of only about $45,000. It's estimated that Shirley himself earned between $40,000 and $65,000 in royalties from the token's trading, but has not engaged in any ongoing community building or content planning around it. Analysts point out that such "content tokens" lack a fundamental value proposition and are essentially "speculation on speculation."