Recently, I've seen a bunch of PFP projects doing memberships and brand storytelling. Basically, they're packaging a sense of belonging as a ticket. Long-term value is there, of course, but right now I care more about whether it can withstand a cold spell: when there's no hype, what's left in the group? Only commands and mutual praise, I just see it as short-term attention.

The set of social mining and fan tokens—"attention is mining"—sounds smooth, but attention is too fleeting. Today they rush in, tomorrow they leave. Liquidity is thinner than people's hearts... My own approach is simple: first look at volatility. If it's insanely hot, set a line. Even if membership benefits are attractive, I won't fight for it. I'd rather earn less than have emotions fuel a burn-out.