Recently, people have been talking again about whether PFPs, membership cards, and brands have long-term value. My feeling is: pictures are just the entry point; what really sustains the cycle is "what you leave behind after you come in."

Many projects initially rely on attention to surge ahead, but without continuous content/benefits/organizational ability, once the hype passes, all that's left is avatars sitting there staring blankly... Basically, it's as cold as a bear market.

These days, in the group, discussions about stablecoin regulation, reserve audits, and various rumors of "de-pegging" are circulating again. I’m quite familiar with that kind of sentiment: the more people argue, the more I want to find some certainty to hold onto immediately. But upon reflection, brands follow the same logic—trust isn’t built on screenshots and slogans; it’s tested through rounds of pressure.
Anyway, I personally pay more attention to whether activity on the chain is flowing back and whether old members are still around. It’s slower, but at least it’s less likely to be swept away by a passing trend. That’s all for now.