I tried once, using a project's PFP as a "membership card," following the steps it provided to complete all the interactive features, and meanwhile recording the money spent, time invested, and expected returns in a spreadsheet.

The most obvious takeaway wasn't how attractive the benefits were, but rather the attention: when the hype was high, the group chat was especially noisy; once the hype faded, the so-called "brand" was just a pretty avatar...
In plain terms, long-term value depends on continuously providing things (services/discounts/governance are fine too), otherwise it's just a short-term lease of a sense of belonging.

Recently, I've seen people interpret ETF capital flows, risk appetite in the US stock market, and crypto market fluctuations all tied together, and that made me even more certain I don't want to chase emotions.
Things like PFP/membership now, I treat as a "pathway ticket"—whether it's worth it depends on if it can make things easier and cheaper for me.
If not, forget it—don't take avatars as faith.
That's all for now.