Recently, a bunch of PFPs, membership cards, and brand collaborations have been flooding the screens. Basically, it's often "attention first, value gradually follows." I'm now somewhat immune to this kind of narrative; I prefer to first see if there are continuous new holders on the chain, and if there's genuine trading volume in the secondary market. Otherwise, after the hype passes, all that's left are group chat screenshots.

Some people also interpret ETF capital flows, US stock risk appetite, and crypto market rises and falls together. I also look at that, but I don't treat it as a universal explanation... macro factors can influence sentiment, but whether a project survives depends on whether it can retain people.

Anyway, lowering my expectations has made me feel more relaxed: if PFPs give a sense of belonging, then so be it; if memberships can continuously provide services, keep them; if not, treat it as a passing breeze. Don't harden the brand illusion into long-term value.