Recently, I've seen a bunch of PFP projects doing memberships and brand collaborations again, and the hype is quite fast, but I can't help but wonder: are people really buying "identity," or are they just buying "the exhaust of attention"... Honestly, it's easy to build short-term hype through storytelling, but long-term success depends on habits—teams consistently delivering, communities continuously producing, and people willing to repeatedly use/discuss, rather than just dispersing after a meeting. On the macro side, expectations of rate cuts sometimes boost risk assets, and other times they move in tandem with the dollar index, with emotions bouncing back and forth. During these times, you can see which membership systems are just riding the trend for traffic and which ones are genuinely being used consistently. Anyway, I personally look at "mirror signals" by focusing on consistency: after the hype fades, whether the chain remains active and whether the community still argues—let's start with that.