Recently, I've been looking at a bunch of projects with PFPs + membership rights, talking big about branding, but honestly, long-term value isn't about how good the avatar looks, but whether you can continuously exchange for things with it, especially whether it can be financialized: whether it can be borrowed against, collateralized, with clear liquidation rules. Otherwise, once the hype dies down, all that's left is a chat group awkwardly chatting.

I'm now more concerned about whether the collateralization ratio and liquidation thresholds are reasonable, so that a dip in floor price doesn't force everyone to sell passively. Also, the on-chain data tools' tagging system has recently been criticized for being laggy and even misleading, which is quite critical: people think "smart money" is buying, but it might just be address swapping tricks. Anyway, I won't just look at tags; first, I check cash flow / rights realization records, then liquidity, to sleep more peacefully.