I’ve recently been coming across a whole bunch of PFP and membership projects again. They all talk pretty convincingly about “long-term brand value,” but the truth is that, more often than not, they’re keeping themselves alive by first riding on attention. What can truly last likely isn’t just that the avatars look cool—it’s whether the holders are willing to stay engaged long-term, and whether the project team can actually deliver the rights and benefits properly, without changing the narrative every three months.

Some people watch large on-chain transfers and abnormal movements in exchanges’ hot and cold wallets as “smart money.” I look at that too, but more as a thermometer for sentiment… It can affect short-term volatility, but it doesn’t mean the brand has really been built.

There are plenty of tutorials, but I actually prefer the kind that clearly explains how to make membership benefits work in practice—how to run ongoing operations. Processes that can be reused are what make it interesting. My approach is still the old playbook: don’t chase hot buzzwords—first, get your position and rebalancing rules written down. No matter how lively it gets, don’t lose discipline.