Recently, I've been looking at the on-chain flow of some PFP and membership projects. To put it simply, many times it's not "brand accumulation," but more like a wave of attention migration: when it heats up, a bunch of addresses come and go; when it cools down, only a few old wallets slowly add to their holdings or hold. I don't doubt the long-term value, but it has to withstand the tide of popularity retreating, and ideally, it can form some real use cases within the community. Otherwise, it's just changing the picture as a ticket.

By the way, watching Layer 2 projects argue over TPS, fees, and subsidies also seems quite similar... Everyone is fighting for attention, and once the subsidies stop, whether the ecosystem can retain users becomes the key. I personally now buy membership-type things more slowly, waiting to see a few rounds of "refresh/retry/queue" before deciding whether to stay. If I miss out, I miss out; I don't want to chase emotions anyway.