It’s pretty late—I’ve just been blindly flipping through things for a while. What exactly is the PFP membership setup, in essence? To put it bluntly, I still haven’t fully figured it out. A lot of projects tout “long-term value,” but at the same time they’re frantically chasing short-term attention and hammering the floor price—honestly, it feels pretty divisive. The recent wave of ETF-related chatter also pulled attention toward “macro risks,” and as a result, many PFPs ended up feeling like they were being dragged along by emotion, with the on-chain liquidity in a complete disaster.

I keep wondering how much the brand itself actually has to do with “loyalty,” and whether modular governance and a privacy layer can truly take the membership mechanism beyond its niche and make it mainstream. Even after reading a few audit reports, I still can’t tell: are the project teams truly incubating new ways to play, or are they just piling on scarcity-themed narratives again? In any case, I feel like it’s like a hummingbird collecting honey—honey gathering is honey gathering, but it still comes down to which “flower” can genuinely manage to stay alive. In an attention economy like this, it might get eaten up quickly by the next wave of narratives.

That’s all for now—goodnight.