Recently, I've been looking at PFPs and various membership passes again, many talk about long-term value, but my feeling is: brands are slow to heat up, attention is the quick money. To put it simply, what you're buying is the few seconds of "how others see you in the circle," not the image itself. When it's hot, everyone interprets on-chain large transfers, exchange hot and cold wallet movements as "smart money signals" and interprets them wildly; as a result, when emotions run high, memberships are like chasing a rally.

I'm not regretful of the outcome, but of increasing my position to avoid being left behind at that time. Now, it's simpler: anything that can bring sustained rights/offline resources/true co-creation, I consider as long-term; only relying on atmosphere and hype, I treat as entertainment, at most buying a small position for a sense of participation—anyway, sleeping well is more important.