Lately I've been looking at a bunch of narratives about PFPs turning into memberships and doing brand collaborations, basically just trying to keep attention longer. But I still care more about whether there's real backing beneath the floor: if royalties are cut, liquidity becomes like a pump, and once the hype passes, it disperses.

Memberships aren't impossible either; the key is whether the rights can be continuously fulfilled, and if there are people in the community truly willing to stay and "use" them, rather than just waiting for the next pump screenshot. Right now, everyone is still comparing on-chain revenue products to RWA and US bond yields— the more you compare, the more realistic it gets: money flows toward places with stronger certainty. For PFPs to become brands, at least they need to make holders feel that it's not just an avatar, but a stable-expected "service," or else it's just a short-term attention game. Anyway, when I choose projects now, I look for two words: continuity.