Recently, I came across a bunch of PFP/member passes again, claiming to build brands and communities, essentially just drawing attention first.

The stablecoin side has regulatory issues, reserve audits, and de-pegging rumors circulating in the group, with everyone's emotions swinging like a roller coaster.
Watching this, I just want to return to the data: Are there real transactions? Are the old addresses still active? Are the loss-making positions still willing to hold?

Later, I realized that the "members" who survive are actually more like long-term services: if you don’t shout in the group, some are still willing to renew;
Conversely, those that rely only on hype, once the heat dies down, are just left with good-looking avatars.
Anyway, when I see "brand storytelling" now, I take a step back and wait for the transactions beneath the surface to speak.