I'm feeling more like I've "updated my version" regarding PFPs and memberships recently: I used to think it was just avatars plus whitelist, and my attention would quickly drift away; now I care more about whether it really feels like a brand, whether it can keep people in the same narrative, even if there's no hype, I’d still be willing to renew. To put it simply, long-term value isn't necessarily reflected in the floor price; it's more about whether TVL/net inflow can gradually stabilize.

The playbook of collapse in blockchain games is pretty familiar too: when inflation kicks in, studios enter the scene, the coin price spirals, and membership benefits instantly turn into a "work permit"... it’s a bit PTSD-inducing to watch. So now, when I see "membership = a tool to recoup costs," I take a step back, preferring to go slow and wait for the data to tell me if people are really using it. Anyway, I’m not in a hurry.