Recently, I've been seeing a bunch of PFPs arguing about "membership benefits," basically treating the community as a brand. The upside is having a sense of direction; the downside is pretty obvious: once attention wanes, it becomes empty, leaving only a picture and a bunch of slogans. Thinking about it, it's kind of funny and frustrating at the same time.



What I care more about now is: can this membership actually generate cash flow sustainably, even if it's very small or very simple, like licensing, collaborations, or offline events that actually sell... Otherwise, it's just like comparing "on-chain revenue" to RWA and US bond yields—sounds fancy, but in reality, it's just packaging. Anyway, I prefer to go slower, first see how the project turns its story into reality, and then discuss long-term value.
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