Lately I've been browsing PFP projects again, and I notice that people say "membership" and "brand" out loud, but their attention honestly follows the flow.

When it comes to long-term value, it depends on continuous delivery and community atmosphere; but that short-term excitement is more like a thin layer of liquidity in AMM, once a few big trades cause slippage, even poetry can't keep its rhyme.

What exactly are members buying?
Honestly, they're buying the feeling of "I'm with you guys."

And then there's the narrative about modularization and the DAO layer, which excites developers like they've discovered a new continent, while ordinary users look confused: what does this have to do with whether my avatar can appreciate in value...
Right now, I care more about whether the project can explain "rights" in plain language, whether it can be integrated into daily life, like activities, tools, content, rather than just making empty promises.
Anyway, I plan to hold back on impulsiveness, observe liquidity depth more carefully, so I don't end up losing money again through rhetoric.