Last night I came across a few old PFP project Discords again, and I found it quite sad: the "membership benefits" that were loudly promoted back then are now either discontinued or turned into merchandise lotteries. As the conversation went on, everyone tacitly stopped mentioning the floor price... Honestly, PFPs are more like a social ticket; when it's hot, the group is lively, but when things cool down, all that's left are avatars sitting there staring blankly.

Now I am more cautious about the idea that "PFP = brand." There may be long-term value, but it depends on two points: first, whether the benefits can be continuously delivered (not just a one-time airdrop), second, whether the community has shifted its focus to products/services rather than just relying on emotional momentum to survive. Recently, modular and DAO-level narrative developers are quite excited, while users look confused. It’s actually very similar to PFPs: no matter how beautiful the narrative is, for ordinary people, there must be perceptible things; otherwise, when attention wanes, only a bunch of slogans remain. Anyway, I prefer to take it slow, buy fewer avatars, and take a closer look at how promises are actually implemented.