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One way the Switch is different to me, is that when Nintendo has a really successful console, they usually have a new IP that sells well on the very first attempt.  The Wii had Wii Sports and Wii Fit, but if you go back further Super Mario Bros, The Legend of Zelda, Metroid, and Donkey Kong Country all sold very well when they were brand new IP.

I don't think Nintendo is trying to do that anymore.  I do see them making new IP, but it doesn't seem like they are either willing or able to knock it out of the park on their first attempt.  Instead, what makes the Switch stand out is Nintendo taking existing series and bringing their latest games to a whole new level.  Just look at the Switch games that are commonly said to be "best in the series" (and also selling far beyond what they have done before):

Zelda: BotW
Splatoon 2
Super Smash Bros Ultimate
Fire Emblem 3 Houses
Luigi's Mansion 3
Animal Crossing: New Horizons 

It's kind of amazing when there is a Nintendo system this successful and there isn't a Pokemon game or Mario platformer that stands out far above the other IP.  Instead the Switch just has a lot of really big sellers.  They aren't just relying on a few big IP anymore.  They have a lot of big IP, because they took some of their small to medium IP and seriously upgraded them.  And of course Mario Kart, Pokemon and the Mario platformers are still pulling their weight, but they aren't doing it alone anymore, not by a long shot.

So, I think Nintendo's approach to new IP now is to give it time.  They won't knock it out of the park on their first try, but they are going to try raising the bar with every new entry.  Who knows?  Maybe the next ARMS will sell over 10 million?  Or the next Xenoblade game will be as successful as Final Fantasy 7.  I think that is the approach Nintendo has now.  They are playing the long game.  They are making new IP, while putting a lot of effort into cultivating their existing IP.