I’ve been seeing people刷PFPs and all kinds of membership passes again—basically a combo of “Who am I” and “Where can I get in.” In the short term, attention is really intense—get a new avatar, swap an identity label, and the group chat gets lively for a bit. But after trading for so long, I’m a little sensitive: the bigger the hype, the more I fear a pullback. Attention is kind of like leverage—when it blows up, it can blow up fast.

For long-term value, I care more about whether it can keep delivering benefits: real offline/online resources, governance votes that actually matter, or a brand that’s willing to keep treating holders like people instead of just traffic. Recently, RWA, US bond yields, and on-chain yield products have been bundled together for comparison, and suddenly everyone starts asking, “Why can’t I have something with as much backbone as a government bond just by holding a JPEG?” It sounds pretty real—and honestly, it’s also pretty painful…

Anyway, these days when I buy anything membership-related, I value it based on the “benefits I can actually get.” I treat PFPs like an emotional position—small enough that if I lose, it won’t keep me up. How about you?