A lot of people have been talking about PFPs and membership perks. Honestly, I’ve bought some too. Looking back, most of it is really just an entry ticket. The project team posts a picture, sets up a “club,” and everyone rushes in to get an identity—but only a few are actually able to build and retain long-term value.

Take the recent wave of chain games, for example. The project team issues a PFP as a ticket, and players rush in to mine and earn. But once inflation hits and the studios run off, the coin price spirals—until you’re left with a bunch of NFTs lying on the floor. So what’s the point of those PFPs? Other than putting on a show on Twitter, they’re basically just short-term attention propped up.

I’m not saying every brand has no value, but you have to do the math. The ones that have been iterating for years, or teams that are genuinely doing real work, might be able to command a long-term premium. Most of the rest? It’s just “turning over the bags” between gullible retail investors. Anyway, my principle right now is: if all it amounts to is switching your profile picture and adding a Discord channel, then forget it. No need to curse people or get outraged—just stay rational.