Just came across a PFP community talking about "membership benefits upgrade," basically meaning they want you to treat your avatar as a ticket. Having gone through a few resets, I'm a bit allergic to this kind of narrative now: short-term hype is definitely there, the more aggressive the group, the more it feels like social mining, attention as a mine... sounds reasonable, but I always feel it’s more like everyone just borrowing each other's light, and once the light is gone, it disperses.

I don't doubt the brand and long-term value, but right now I care more about "a way out": I’d rather hold stablecoins for some passive income, and use small positions to participate in these membership games. At least if the hype fades someday, my emotions and principal won't be drained together. Anyway, making a small profit still counts as a win, better to preserve capital first.