Recently, I’ve looked into a few niche pools of old PFP projects again, with sparse transactions, but the holder community remains quite stable. To be honest, whether PFPs can have a long-term future depends more on whether the “membership feeling” can really be implemented: useful benefits, offline/online features that keep people engaged, rather than just swapping avatars daily to boost morale. The same goes for brands—if it really takes off, it’s like a small club; if not, it’s just a fleeting moment of attention.

I’ve also grown tired of the constant arguing over royalties. Some say creators need to make a living, while others complain that secondary sales are too illiquid. My gut feeling is: without liquidity, no matter how high the royalty, you won’t collect much; but if royalties are zero, creators might slack off easily… Anyway, I now only choose teams that can keep working even without secondary sales commissions, quietly lurking in small corners, with low hit rates but potentially rewarding if they hit the jackpot.