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Introduction

In the evolving world of Web3, experts are reevaluating the surge of meme coins endorsed by celebrities. Speaking with Cointelegraph at the Token2049 event in Singapore, Andrew Saunders, Marketing and Growth Director at Skale Labs, shared his concerns about public figures launching meme coins. He emphasized that decentralized applications (DApps) offer a more sustainable approach for celebrities to engage with their fanbase compared to short-lived meme coin projects.

The Pitfalls of Meme Coins

Coming from a background in Hollywood, Saunders observed that many celebrities are wary of meme coins. He explained that these projects often centralize power in the hands of a few, leaving late-stage investors vulnerable to exploitation.

Andrew Saunders: "I would never advocate for a celebrity meme coin."

Saunders likened meme coins to a "player versus player" (PvP) model, where early investors profit at the expense of others. He emphasized that as time goes on, the risks for long-term holders increase significantly, a point many meme coin investors have learned the hard way.

Andrew Saunders: "The longer you hold, the more selling pressure you encounter."

Deepening Fan Connections with DApps

As regulatory clarity improves, Saunders believes celebrity involvement in cryptocurrencies will grow. He noted that clearer regulations, particularly in the U.S., could shift public perception of blockchain and cryptocurrency, allowing for a deeper and more sustainable form of fan engagement.

Saunders highlighted how blockchain can allow celebrities to create decentralized applications that foster meaningful fan interaction. Instead of launching a short-lived token, celebrities could use blockchain to reward fans for activities such as sharing content or joining virtual events. These rewards could grant fans access to exclusive perks like meet-and-greets, signed memorabilia, or even cameo appearances in music videos.

According to Saunders, blockchain’s unique capability lies in providing celebrities with valuable fan engagement data that surpasses what they can currently achieve on Web2 platforms like Instagram or Twitter. He illustrated how a celebrity could design a DApp allowing fans to earn points for their social media interactions, creating a deeper, more genuine bond between the star and their supporters.

“I don’t currently see the need for celebrities to launch a token, whether it’s a meme coin or utility token. I firmly believe that blockchain technology will eventually become the standard for celebrity-fan engagement.”

With the increasing focus on DApps, blockchain presents itself as a powerful tool for celebrities to create meaningful, transparent, and long-lasting connections with their fanbase. This method offers a more sustainable and mutually beneficial framework for both celebrities and their followers. However, football clubs have already begun exploring enhanced fan token options, indicating that this is not an entirely new conversation.