Recently, I’ve come across a bunch of PFPs claiming to be “membership passes.” To put it plainly, they’re selling profile pictures as tickets. I do believe in their long-term value, but after looking at the chain for a while, I’m starting to get a bit nitpicky: what ongoing benefits are you actually getting? Are they something that can be verified and enforced, or are they just being kept alive by the atmosphere in the group?

I thought people were buying the brand and a sense of belonging, but it turns out many are really just competing for an attention window… Once the hype is over, the contract is still there, and the group is still there, but the engagement is as quiet as failed transactions.

By the way, over on L2, people are constantly arguing about TPS, fees, and subsidies—there’s nonstop back-and-forth. The “ecosystem” built with subsidies and the “community” built with PFPs are pretty similar: the short-term data looks good, but in the long run, it comes down to whether you can write the rules into the chain and into the product. Otherwise, in the end, it all becomes a matter of whoever has the loudest voice wins. Anyway, whenever I see the words “membership” now, I check the contract and the permissions table first—don’t let yourself buy another JPG just as psychological comfort.