Recently, I’ve seen several PFP projects offering membership benefits, and when the group gets lively, I start to want to pour cold water on it… To be honest, PFPs are more like “attention tickets,” which are really useful in the short term, but when the attention wave recedes, it’s hard to sustain. What I actually prefer to watch are the migrations from off-chain to on-chain: offline events, brand collaborations, content creation, and ultimately whether they can become on-chain verifiable points or certificates, rather than just changing avatars to keep telling stories.

On the macro side, with the expectation of interest rate cuts, the discussion about the dollar index rising and falling together with risk assets has resumed. When emotions run high, members tend to see it as a “bull market standard.” I’m currently focusing on one point: whether the benefits are realized through the project team’s “goodwill,” or if the mechanism allows you to use and transfer them without breaking. I’ll watch the excitement, but I’ll be a bit slower. What about you?