Recently, I saw a bunch of PFPs and "membership cards" talking about brand storytelling, and it sounds pretty good, but I always ask myself first: is there anyone taking over in the secondary market... oh no, I mean, is there continuous liquidity. To put it simply, long-term value might really exist, but short-term attention seems more like squeezing everyone's time to exchange for a wave of floor prices.

I personally buy on-chain art and fragmented collectibles mainly because I like the visuals and stories. If I really want to use them as "identity," I need to see if they can still maintain some trading volume during bear markets. Recently, public opinion has been linking ETF capital flows, U.S. stock risk appetite, and crypto price fluctuations all together, and I find it a bit exhausting. When macro conditions change, even if I spend more on membership benefits, it can't stop everyone from going to cash and being king. Anyway, I now participate with small amounts, prioritizing items I can sell, and treat the rest as collectibles—this way I feel more comfortable.