Recently, someone was talking about whether PFP and membership rights count as "brands," and as I watched, I couldn't help but laugh a little: most of the time, it’s more like a short-term attention race, lively for a couple of days and then it’s gone. If you really want to do it long-term, it’s actually more like brewing tea—you might not get the best flavor in the first few infusions, but you need to stay steady, keep delivering small benefits, and keep showing up in the community. Otherwise, no matter how good the avatar looks, it’s useless.

These days, there’s also chatter outside about rate cut expectations, the dollar index, and the atmosphere where risk assets are rallying and then retreating together, which actually makes it easier to turn "members" into emotional votes. To put it simply, the only thing I look at in projects now is: can they seriously deliver even when things are slow? When I’m caught up in FOMO (fear of missing out), I don’t dare to chase too aggressively. I’d rather slowly grid my positions—just like that for now.