I recently looked over some PFP and membership projects again, and honestly, it’s a bit like buying a ticket: what you’re buying is the community atmosphere, the brand story, and that feeling of being “seen” in the group. Long-term value might also exist, but it depends on whether it can keep people willing to stay, otherwise once the hype fades, only the avatar remains.

I’m now more laid-back, focusing on rough indicators like TVL and activity levels, rather than imagining myself as an early partner… And the labels on on-chain data tools being criticized as lagging behind or even misleading is quite true; when I see a “smart money” label, I immediately question it. Anyway, I’ll just watch the complex strategies from the sidelines for now, and as long as I can sleep well with simple strategies, that’s enough.