Lately, I’ve been looking at a bunch of PFPs and membership passes, and they all sound pretty good: joining groups, whitelists, offline meetups, brand stories… But honestly, long-term value isn’t about having a good-looking avatar—it’s about whether you’re willing to keep delivering on your promises over time. As for those new L1/L2 projects that dish out incentives to boost TVL, I’ve also seen veteran users complain that “mine-and-sell” isn’t without reason. Attention comes fast and leaves just as quickly, and in the end you’re left with a mess of emotions.

I’ve done short-term trading for a long time myself, and I’m most afraid that the “community vibe” will get me carried away. I’ve got a note that says: don’t add to your position just because of a sense of identity, and don’t cut a loss just because things are lively. If PFPs/membership passes truly turn into brands, they have to hold up through those months in a bear market when nobody’s talking—otherwise, it’s just a different way to make people chase FOMO.

What I’ve learned isn’t tactics, but this: don’t treat belonging as a moat.