Vitalik Buterin, the co-founder of Ethereum, has expressed his dissatisfaction with the recent wave of celebrity memecoin releases.
Vitalik Buterin, the co-founder of Ethereum, has expressed his dissatisfaction with the recent wave of celebrity memecoin releases. In a June 5 post on X, Buterin emphasized that financialization is only justified when it serves a societal purpose, such as advancing healthcare, supporting open-source software, or promoting art and creativity.
His comments were in response to discussions about Iggy Azalea’s MOTHER token potentially becoming a significant player in the current cycle of celebrity-endorsed cryptocurrency projects. Celebrity tokens are digital assets created and promoted by celebrities, leveraging their popularity to attract interest and investment.
However, Buterin argues that many of these projects lack substance and purpose. He pointed to Ashton Kutcher and Mila Kunis’ Stoner Cats project as a more respectable endeavor because it funded an actual show, unlike the ephemeral nature of recent memecoins. Buterin believes that for any project to be worthwhile, it should ensure that participants feel satisfied and happy, even if the tokens eventually lose their value.
Buterin outlined criteria for what he considers a respectable celebrity crypto project. He believes such projects should have a clear public benefit goal beyond enriching the celebrity and early investors. He prefers initiatives with longevity, ideally lasting over a decade, rather than those that enjoy brief popularity before fading away. Sustainable, long-term projects, in his view, hold more value than short-lived trends.
The recent trend of celebrity memecoins saw Iggy Azalea launching the MOTHER token on May 28, following similar releases by Caitlyn Jenner, Soulja Boy, Rich The Kid and more. Some of these celebrities have complained about being scammed by entrepreneur Sahil Arora, who has denied any wrongdoing. Azalea clarified that her token launch was not connected to Arora.
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