Lately, I’ve been seeing everyone discuss how ETF fund flows sync up with US stock market sentiment—it’s actually pretty interesting. But to be honest, I care more about another question: with all these PFPs and membership models filling the space, are they building something long-term, or just trying to grab attention for a quick wave?

Some project teams post the images, and the community hype can’t even last two weeks before they turn around and do a “brand upgrade.” Basically, they change the skin and squeeze another round. The most outrageous case I’ve seen was when the membership NFTs weren’t even fully minted yet, and the Discord was already shut down.

It’s not that every PFP has no value, but my habit is: first, check whether there are continuous builder commits on-chain; then check whether the holder distribution is becoming more and more concentrated. If it’s just Twitter shouting about “cultural attributes,” I’d say wait and see.

In any case, in this market, attention moves even faster than money.