The recent surge in the issuance of memcoins by celebrities has upset Vitalik Buterin. The Ethereum co-founder said that the goal of the project is that even if the token loses value over time, the average participant will experience the satisfaction and joy of participating in it.
In a 6/5 post X, Buterin said that financialization can only be justified if it serves purposes that benefit society, such as improving healthcare, supporting open source software, and promoting the arts and creativity.
His statement came in response to a report that the Iggy #token (MOTHER), owned by Iggy Azalea's mother, could be the basis for celebrity experimentation if it can create sustainable value.
Celebrity tokens are digital assets or cryptocurrencies that are created and backed by celebrities. They utilize the popularity of celebrities to attract interest and investment and are often integrated into the broader cryptocurrency ecosystem.
Buterin explained that Ashton Kutcher and Mila Kunis' Stoner Cats project is far more respectable than what we're seeing in the celebrity memcoin trend of 2024. He said: "At least Stoner Cat funded the real show, but memcoins lack meaning and purpose.
The #StartInvestingInCrypto founder presented a list of features that a celebrity crypto project should have in order to gain his respect. Buterin noted that the project should have a clear socially useful purpose, not just to enrich celebrities and early investors.
As for celebrity token projects, Buterin said he prefers something that will gain temporary popularity for a few months and won't be forgotten, but will have a long lifespan, ideally more than 10 years. He said he values sustainable, long-term projects over short-term trends.
Buterin, let's just say that in addition to the interesting features of celebrity tokens like those described above, it's also about simple transactions. He hates decentralized autonomous organizations (DAOs) with token voting, but says that they at least provide activity and a sense of community for people, and that DAOs will set the agenda.
Azalea launched its MOTHER token on Sept.
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