Lately I’ve been looking at a bunch of PFPs and “membership cards”—let’s be real, most of the time it’s just packaging and selling you attention. Sure, it feels great in the short term: you swap your avatar, hop into a group, and get a whitelist drop—your emotions ramp up instantly, and someone with my FOMO personality also starts itching… But if you’re asking about long-term value? It comes down to whether it can keep giving you something beyond “identity,” otherwise it’s just a freshness tax.

What’s even funnier is that as soon as a new L1/L2 launches and incentives go live, everyone scrambles to pull TVL, while old users are over there complaining about digging and selling and still rushing in anyway. Listening to it makes me want to laugh: whether it’s branding or membership, in the end none of it escapes the question of “whether there’s repeat purchase.” The on-chain signals are surprisingly honest—those are the real foundation: the addresses that stay once the hype dies down. Anyway, I’m just going to treat it as an attention game. Don’t take it too seriously.