During my lunch break, I took a quick scroll and saw a few more PFP projects with membership passes. To be honest, the long-term value isn't about how good the avatar looks, but whether there's something to do after you join the group: activities, resources, offline events, or even just consistent content output. Without a real use case, once the hype dies down, all that's left is the secondary market watching each other.

The collapse point of those blockchain games with “inflation + studio + coin price spiral” is actually quite similar to many membership projects: they rely entirely on new attention injection, while the experience for existing users gets diluted. Anyway, when I look at these kinds of projects now, I first check on-chain activity and retention, and casually look at the Gas costs for transactions. If they rely too much on speculation, I’ll steer clear… I’m socially anxious and really don’t want to be logging into groups every day to pretend to be enthusiastic.