Recently, I’ve been looking at a few PFP and membership-based projects again. To be honest, I don’t really buy into the whole idea of “once you buy, you get into the circle, and then you’ll have brand premium” unless you can truly see on-chain where they’re spending the money, how the rules are carried out, and whether their promises are internally consistent. A lot of the time, it feels more like a short-term attention business: when it’s hot, profile pictures fly everywhere; when it cools down, all that’s left is just check-ins in the group.

Some people also interpret ETF fund flows and that bit of risk appetite in the US stock market as if they’re hard-tied to crypto’s ups and downs, and hearing that makes me feel a little worn out… Of course, macro factors affect sentiment, but whether a membership NFT can be valuable long-term ultimately comes down to whether it can continuously deliver something verifiable—not relying on “narrative to keep it alive.”

I even ran into a queue when I minted yesterday. The page kept refreshing/retrying, and the experience was pretty discouraging. Anyway, these days when I look at this kind of “brand,” I care more about execution: benefits actually being delivered, governance not putting on a show, and revenue not being sold as pie-in-the-sky. If they can do those things, then they deserve to talk about long-term value.