In a recent statement, Vitalik Buterin, co-founder of #Ethereum , expressed his dissatisfaction with the growing trend of celebrity tokens. He stressed that celebrity tokens are often devoid of substance and do not contribute to meaningful causes.
Buterin recalled his previous ideas on using tokens to finance important public projects, such as cancer research or environmental protection. It continues to highlight the potential of cryptocurrencies to serve the public good.
Celebrity tokens need more than fame to be successful
“I feel quite unhappy about the celebrity experimentation this cycle.”
Buterin compared the current celebrity tokens to previous projects like Ashton Kutcher and Mila Kunis' Stoner Cats, which at least aimed to fund a real show. He argued that this type of funding should be used for good causes like health care or the arts, not just to enrich celebrities and early adopters.
Moreover, Vitalik Buterin outlined the key features that would make the celebrity token project respectable. The project should have a public good purpose, such as supporting a charity or an artistic project.
Additionally, Buterin believes that celebrity tokens should offer engaging mechanics that go beyond token trading alone. This can be achieved through token voting, decentralized autonomous organizations
, which allow for community participation without fully dictating the agenda. Then he added:
“Create something that will last 10+ years, instead of bubbling away for a few months and then being forgotten.”
He suggested that the concept should ensure that even if all tokens lose their value, participants should still feel that their involvement was worthwhile. He drew a parallel with regular companies and charities that routinely achieve this goal.
Buterin's previous thoughts on memecoins and charity coins further illustrate his vision for a more meaningful and playful approach to cryptocurrencies. According to him, the Dogelon Mars token has presented successful examples after the donation. Her donation contributed to a positive relationship between the community and the Methuselah Foundation.
Vitalik Buterin criticizes new trends
Buterin's statement comes amid a renewed trend of introducing celebrity tokens. Public figures such as former Olympian Caitlyn Jenner and Australian rapper Iggy Azalea have recently launched their own memecoins.
Jenner admitted that she received help from an intermediary, later accused of fraud, to launch her JENNER token. Meanwhile, Azalea claimed that she launched the MOTHER token with the help of her brother. However, these launches have been marred by concerns about insider trading and pump and dump schemes. This was discovered by on-chain detectives and analytics platforms.
The historical performance of cryptocurrency and non-fungible token projects is also worrying
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related to celebrities. Many of these ventures have failed or turned out to be fraudulent, raising questions about their sustainability and integrity.
Buterin's call for higher standards and meaningful contributions to the crypto space is a response to these ongoing issues. By pushing for these standards, the cryptocurrency community hopes to move from the current trend of superficial celebrity tokens to more meaningful and beneficial cryptocurrency projects.