Recently, I've been looking at the on-chain flow of some PFP and membership projects, to be honest, many times it's not "brand sedimentation," but more like a wave of attention migration: when it heats up, a bunch of addresses come and go; when it cools down, only a few old wallets slowly add to their holdings or hold. I don't doubt the long-term value, but it must withstand the heat wave, and it’s best to form some real usage scenarios within the community, otherwise it’s just changing the picture as a ticket.

By the way, watching Layer2s argue over TPS, fees, and subsidies also seems quite similar... Everyone is fighting for attention, and once the subsidies stop, whether the ecosystem can retain users is the key. I myself now buy membership-related things more slowly, observing a few rounds of "refresh/retry/queue" before deciding whether to stay, missing out is just missing out, I don’t want to chase emotions anyway.