Recently, I've come across a bunch of PFP/member card discussions about "long-term brand building," and I'm actually quite hesitant: honestly, on-chain can indeed make rights clearer, but most of the time what people are buying isn't rights, it's attention and a sense of belonging... Once the hype dies down, the community channels are left with only check-in bots. Conversely, if you really want to do long-term, you might first need to answer a basic question: besides avatars and slogans, what are you continuously providing to members? Content, offline events, resources, or just the illusion of "I'm here."

These days, RWA, US bond yields, and on-chain yield products are being compared side by side, and I find it quite realistic: when risk-free returns are right there, people become more sensitive to the opportunity cost of "membership," and hollow narratives can't hold up. Anyway, when I look at projects now, I prefer to go slower, first observing whether stablecoin inflows and outflows, exchange inflows, and other factors align, or else just treat it as a picture in my collection... As for which can truly become a brand, I guess I’ll have to wait and see.