Lately I've been looking at the PFP/membership stuff again, and honestly, it's more like "attention collateral": you're paying with liquidity and time, trading for a ticket into the group and an identity badge. Long-term value might also exist, but I'm more concerned about its liquidation threshold—when the hype dies down, if the floor price/rights redemption speed can't keep up, psychologically, it starts to blow up. The group has been discussing stablecoin regulation, reserve audits, and various rumors about "de-pegging" these days. I realize everyone's sentiment is like leverage— the less transparent, the easier it is to double down. Anyway, I've lowered my expectations: use memberships as discount coupons, PFPs as profile pictures, not as assets... that way, it's easier to relax.