Just woke up and browsed for a bit, and I realized that many PFP/member projects now feel more like “attention subscriptions” than “product subscriptions.” To put it simply, you’re buying the collective mood and the narrative update frequency. In the short term, it really is quite appealing—but once the hype dies down, holders start having to explain where the value actually comes from… kind of exhausting.

I still trust the infrastructure approach more: identity/membership should be tied to verifiable rights and transferable data (on-chain credentials shouldn’t be a one-time buy-and-sell). Ideally, it should also be connected to specific services; otherwise, even if the brand is huge, it’s just a picture.

Recently, the “yield stacking” involved in staking and shared security has been criticized. In fact, it’s quite similar to PFP: each layer of packaging claims it’s long-term, but in the end, it comes down to testing the underlying cash flow/real demand. That’s it for now—I’ll add the links and images later.