Recently, I saw a bunch of PFPs talking about creating memberships and brands, the slogans all sound nice, but my mind automatically jumps to a feeling of "impermanent loss": on the surface, it's profit, but underneath, it's really a gamble on attention not dropping. Social mining, fan tokens, that set of "attention as mining," frankly, is more like turning emotional fluctuations into tradable assets. When traffic shifts, the mining stops.

Now, when I look at long-term value, there are only two things: whether what you're buying is a continuous usage right/service (even if small), and whether the rules can withstand human nature (such as issuance, exit, and secondary market expectation management). What I don't regret is not chasing after those lively scenes that looked "floor stable" back then. I'd rather go slower, think through the parameters and boundaries before jumping in… for now, that's it.