Recently, I’ve been looking at a few PFPs and membership systems again, and the more I look, the more I feel: long-term value isn’t in “what the avatar looks like,” but in whether you’re willing to keep using it and stay with that group of people. The same goes for brands—when it’s lively, everyone’s there; when things cool down, can they still deliver benefits and run events? Honestly, it’s still about cash flow and execution.

These days, RWA, US bond yields, and on-chain yield products are being compared, and I can’t help but think: if a membership NFT’s “yield narrative” is just a different packaging, it’s almost the same as selling attention as an asset. Anyway, what I care more about now is: how does the project team make money, and can the benefits I receive actually be realized… Romantic as it is, the numbers still need to be clear.