Recently, I've been looking at some PFP projects that are creating memberships and brand collaborations. Basically, turning "avatars" into access passes. I believe there is long-term value, but it depends on whether they can turn rights into sustainable products, rather than relying on a wave of attention to attract new users, only to be embarrassed when floor prices can't hold up... When I do backtesting, I'm most afraid of parameter overfitting, and this PFP approach is quite similar: short-term data looks good, but it doesn't work well in different market environments. Especially now, with some regions tightening taxes and regulations, sometimes tightening and sometimes loosening, the expectations for deposits and withdrawals change, making people more likely to hold onto their wallets first. The membership narrative then becomes more dependent on genuine demand. Anyway, I first focus on the primary metric: "how many times it can be used, and whether it's worth the ticket price," rather than being led too far astray by hype.