Everyone understands this: with PFPs and membership cards, what gets sold first is attention—not “faith.” I’ve sat in on a few DAOs as an observer, and the ones that truly hold up aren’t because the avatars look better; it’s because the benefits are written clearly, who is responsible for execution is specified, and what happens—how compensation is handled—when they can’t do it… In short, it’s just like governance: anyone can draw a pie on paper.

Recently, retail traders have been attacking MEV and unfair ordering again, asking who actually takes the share of what miners/validators earn. Everyone knows the answer in their own minds, so if a brand truly wants to last long-term, don’t rely on storytelling alone. At the very least, make it clear what you’re paying for, who manages the rules, and whether you can be cut in line.

When I look at membership projects now, my first thought isn’t the floor price—I go check the proposals and the multisig addresses first. If you can take shortcuts, take them; just don’t step into the same pit again.