Lately I've been looking at some PFP and membership projects again, and the more I look, the more I feel: long-term value is pretty hard to "design," it's more about whether the community is willing to keep playing. Brands, to put it simply, are about trust and habit, but on-chain everyone is too easily pulled away by new narratives, attention spans are just as quick to follow trends.

Recently, the testnet incentives and points expectations have really boosted people's emotions, and every day in the group someone asks "Will the mainnet release tokens or not," then they casually scan a membership or change their avatar... I understand, they're not betting on the product, but on that "what if." But if you treat memberships like lottery tickets, once the hype dies down, you're left with an awkward floor price.

What I care about more now is: can the rights and benefits be continuously fulfilled, and whether the team has tied the rewards to contributions, otherwise even the coolest graphics are just a temporary social skin. As for leverage toys, don't even mention it—if you don't understand, really don't touch it. That's all for now.