Recently, I've seen a bunch of PFPs talking about creating memberships and building brands. To be honest, how good the artwork looks isn't that important; what's key is whether you're buying into "long-term rights" or just a moment of attention. When things are hot, everyone says they're building; when it cools down, it’s just floor prices staring at each other.

I personally see it a bit more practically: active addresses, secondary transactions, how much is left in the project treasury, whether there’s continuous external net inflow. Without these fundamentals, the membership narrative is pretty hollow, like using emotion as a moat.

These days, fee rates are extreme, and the group is arguing whether this is a reversal or just an ongoing bubble. I actually see this as a “temperature gauge of attention”: when emotions are overly high, brands are more like gimmicks; when things quiet down and people still use and renew, that’s more genuine. Let’s start with this, and watch how it develops.