Recently, I saw a bunch of PFPs doing "membership systems" and "brand co-creation," basically treating avatars as tickets to sell attention.

I used to really be into it, thinking that joining a group = information advantage = being one step ahead, but after a few lessons of "three days of hype, then the floor drops to the ground," I see it more critically now: what exactly does this membership give you? Is it ongoing product/profit sharing/governance rights, or just a few images + events + whitelist?

And now, even the staking and shared security setups are being called out as "copy-paste," which I can understand. The layered returns sound appealing, but the longer the chain, the more it’s like a routing path—any slip or failure along the way is on you.
PFPs are similar; layered storytelling, but in the end, what really sticks is just emotion.
Anyway, I now prefer to see whether projects can keep settling value on the chain and not rely solely on hype to survive.