These days, I’ve seen a bunch of PFP/member cards talking about "long-term brand value," which sounds pretty nice, but honestly, most of the attention on the chain is driven by incentives. When the incentives stop, the profile picture is still the same, and the chat group becomes quiet. The same goes for new L1/L2 projects pulling TVL; I completely understand the old users’ complaints of "mining, selling": it’s not that people lack faith, but after being used as liquidity a few times, they’ve learned their lesson.

Now, when I look at the membership system, I don’t focus on the narrative first, but consider extreme cases: if the project’s wallet gets hacked, bridges are compromised, or stablecoins slightly de-peg over the weekend, what does membership actually give you? Priority information, real rights, or just a picture and a sentence saying "We will handle it"? Only those that can withstand pressure are somewhat like a "brand"; those that can’t are just short-term attention... As for which you think is more common, I wouldn’t dare say for sure.