Recently, I keep seeing a bunch of PFP projects promoting “brand storytelling” with membership benefits. My first reaction is actually: are they building a long-term community, or are they just borrowing attention to use for a while? PFPs, to put it plainly, are essentially just an entry point—whether they can keep people comes down to whether the benefits are sustainable, whether the rules are stable, and whether the team is willing to treat “memberships” as a long-term product to operate, rather than giving out the airdrops and then dissolving.

Put another way, the recent staking/sharing safety setup that’s been criticized as a “nested doll” feels pretty similar to layering on membership benefits: the more layers there are, the more lively it seems, but once the profit expectations turn around, all that’s left is emotion and mutual complaints… Anyway, I care more now about whether on-chain funds are flowing back into real use, rather than how often profile pictures change. If I miss out, I miss out—I’m not chasing it anymore.