Recently, I saw a bunch of PFPs talking about upgrading to a "membership system + brand storytelling," which sounds impressive. Actually, I'm more concerned about two things: whether the money stays within the circle and keeps exchanging, and whether people are willing to play long-term within the same set of rules. To put it simply, the long-term value of PFPs isn't how rare that image is, but whether there are ongoing permissions/content/offline relationships that can be realized. Otherwise, once the hype passes, it will disperse.

Social mining and fan tokens are even more obvious now. "Attention equals mining" I don't think is a false proposition, but the mine it produces might just be short-term noise, not brand assets. After looking at a lot on-chain, it gets a bit cynical: issuing tokens is easy, maintaining credibility is hard. Anyway, I’d rather miss out now than chase projects that only rely on splashy displays to stay alive. That’s how I see it for now.