Recently, I saw someone again watching large on-chain transfers and hot/cold wallets on exchanges, shouting "Smart money is coming" whenever there's movement. Honestly, this is a bit like the PFP/member approach: grabbing attention first, then discussing value. If PFP really wants to be long-term, it needs to be like a brand that makes you willing to keep using it as your avatar, join groups, and want to stay, rather than just ending with a wave of co-branded posters.

I thought buying a membership was buying an "identity," but I found that more often it's about buying the anxiety of "not missing out"... Anyway, when I look at projects now, I focus on two things: whether they continuously update benefits for old users (not just posting announcements), and whether the on-chain liquidity/ routing is smooth—don't let slippage ruin people's mindset when they enter. That's it for now, just observing slowly.