Scrolling through a bunch of PFPs and talking about "membership systems" and "brand moats," I actually feel a bit split: on one hand, I think it looks pretty, like a badge you carry around; on the other hand, I worry it's just turning attention into a more expensive ticket. As for long-term value, honestly, it depends on whether you'd still want to stay in that group after the price fluctuations—otherwise, it's just a shell with a lottery inside.

These days, someone also linked ETF capital flows, U.S. stock risk appetite, and crypto market rises and falls, which made my head spin a bit. The bigger the narrative, the easier it is to mistake "sense of identity" for "sense of value." My current approach is pretty simple: treat PFPs as just interests, only buy membership rights that I really need, and the rest... I just pretend I didn't see it. Saving a little on transaction fees is always good.