Recently, I've come across a bunch of PFP projects claiming to offer memberships and branding, sounds pretty good, but on-chain it seems more like testing "how many days can attention last." To put it simply, long-term value isn't about how good the avatar looks, but whether you're willing to keep the door open for long-term holders: whether activities, permissions, and collaborations can be sustainably delivered.

I also noticed a small detail when watching large addresses: those truly "operating as a brand" will transfer in batches, and their routing is more restrained, occasionally moving a small amount to exchanges and then stopping; those driven purely by hype tend to go all in at once and then all out in another wave, which looks exhausting.

The disputes over royalties are also normal—creators want income, secondary markets want liquidity. One thing I need to be reminded of is: don’t just look at slogans, look at whether project teams are willing to put their promises into rules and genuinely follow through under pressure. Anyway, I’ll keep observing for now, not in a rush to get excited.