Recently, I’ve been reviewing some community chat logs of old PFP projects again, and it feels like watching a TV series through the early seasons: back when they shouted "membership benefits" and "brand co-creation," it was pretty passionate. Now it seems more like they’re fighting for a piece of attention. Honestly, what keeps people around isn’t how good the avatar looks, but whether you’re willing to keep appearing in the same group of people, even without airdrops or new narratives.

I’ve also followed the economic collapse of blockchain games like a TV drama. When inflation hits, studios jump in, coin prices spiral downward, and in the end, nobody can even find a reason to keep playing. PFP projects are pretty similar—once their value can only be sustained by issuing tokens or benefits, it’s easy to slide down the same path. Anyway, what I care about more now is: when there are no benefits, do people still chat in the group? Can “membership” become a habit rather than a passing trend?