Just finished processing a fresh round of data, and I noticed that quite a few projects are going down the PFP + membership binding route. To put it plainly: on one hand, it gives early holders a sense of identity; on the other, it’s a test of whether the community can sustain “cash flow” over time. The other day, I casually minted one as well—its cost was less than 0.02 ETH. I thought, “Worst case, I’ll just use it as an avatar.” But I found that their subsequent governance proposals are tightly tied to membership privileges. In the short term, it definitely pulls people’s attention in, but whether it can become a true brand in the long run still depends on the team’s execution and whether the community is willing to stay onboard for the ride.