In its early days, [XXX] was defined by euphoria and hysteria. Barriers to entry were low. Information was asymmetric. The market was driven by FOMO (Fear Of Missing Out) rather than fundamentals. Whether [XXX] refers to the dot-com bubble of the 90s, the NFT craze of 2021, or the cryptocurrency bull runs, the pattern is identical.
Modern viewers can distinguish between "gritty" and "grown-up." The most successful mature properties today (think Succession or The Last of Us ) use their ratings not just for violence or language, but to explore grief, trauma, and systemic failure in ways PG-13 storytelling cannot. xxx matures
