When releasing the music video for Basement Eyes in February 2020, Frank Iero said on social media:

[Basement Eyes] is about the feeling you get when starting something new and the fire that burns inside the creative mind. that fire pushes us forward, it urges us to continue making things, not for the hope of fame or glory, or the pursuit of monetary reward… but because it is a necessity for survival. the saddest thing about getting older is watching that fire go out or dull in other peoples eyes.
Living a creative life we tend to gravitate toward other like minded people. real recognizes real. sometimes you start bands together or collaborate in some way, sometimes just being around one another is enough, and even though these partnerships may be fleeting, you tend to continue in a strange orbit occasionally meeting again somewhere along the way. Time passes, and life happens, and i have seen people i hung out in basements with neglect their fires. like a body needs vitamins and nutrients, our souls need to create… and when that fire is extinguished, the hunger dies.