KOLs are also facing a liquidity crisis. Previously, when projects had money, marketing budgets could sustain many KOLs—even with low conversion rates, they still made money. Now, marketing budgets are being slashed first, and KOL incomes have dropped far more sharply than the U.S. stock market 😅 On top of that, many KOLs have their own debt problems—especially those who love trading perpetual contracts. With asset values crashing, income plummeting, and fixed living expenses remaining, they’re taking on any random ad deal just to survive, accelerating the erosion of trust and triggering deleveraging. I’ve noticed myself that the KOL business is deteriorating rapidly—fees are lower, opportunities are fewer, and many projects are just bad. I’ve simply stopped taking them because I don’t need the money and can afford to be selective. But what about other KOLs without savings? It’s hard to say. Most KOLs won’t survive this cycle—they came here to make money or grow their business, and when income dries up over years, they just leave. I don’t see this as the decline of the KOL industry. KOLs will never die; every cycle brings a new pricing model, and the next wave may be led by an entirely different type of KOL. Surviving until the next cycle is simple: have sufficient cash reserves, be willing to accept zero income for years, possess genuine commercial value, stay on the front lines of the market, and sense and adapt to change. Then you’ll make it.