Recently, I've seen a bunch of PFP/members discussing "long-term value," and honestly, many times it's about capturing attention first, not value. On-chain, it's more straightforward: when the market is hot, people buying aren't trying to join the community; they're afraid of missing out; when it cools down and transfers and interactions decrease, the so-called "brand narrative" is left with just a few group announcements.

Testnet incentives and points systems are quite similar; everyone is betting on whether the mainnet will issue tokens, so membership becomes a substitute for an entry ticket. Anyway, I now focus more on two points: where does the money come from, and whether people are willing to stay and spend/govern.

If some projects had fewer whitelist invites back then and instead made their benefits into truly usable small maps (offline, content, product discounts are also fine), the renewal rate might look better. If you miss it, you miss it. I’d rather take it slow and see if it can pass through a round of emotional turning points.