Lately I've been looking at a bunch of PFPs and membership passes again. To be honest, the most valuable short-term asset is still "attention." During lively times, the floor price is pushed up like water levels; but if membership benefits aren't turned into real use cases and it's just slogans shouted in groups, once the hype fades, all that's left are good-looking avatars... I prefer to watch those slowly changing on-chain tokens, who’s absorbing, who’s selling, even if the conclusion is just a probability.

The brand side is also quite realistic: can "identity" be turned into sustainable service rather than just a one-time emotional sell? Recently, some places have been tightening and loosening regulations on taxes and compliance, and as people's expectations for deposits and withdrawals change, the first to shrink are often those relying solely on new money. Anyway, capital will seek certainty first.

But it’s not to say all PFPs are hopeless; some teams treat membership as a long-term relationship, and I still keep an eye on them... What do you think a membership value that can truly survive the cycle should look like?