Lately I've been looking at some PFP projects working on membership systems, collaborations, and merchandise, all sounding pretty good, but I still have a question in my mind: does long-term value come from "brand," or is it just because everyone is paying attention to it right now? Honestly, PFPs are more like tickets; whether the ticket is worth money depends ultimately on how many people come in and out and whether transactions are smooth. Actually, those that rely solely on emotional hype but get stuck when it hits the secondary market have a terrible experience. I’d rather use some small amounts to provide market making for liquid markets, at least I can exit if I want to. Anyway, that ongoing war over royalties isn’t over yet; creators want income, but buyers complain about friction. I think maybe we can take care of both sides a little, so it doesn’t end up being “narrative without transactions,” which would be awkward.