Vitalik Buterin is not impressed with the recent flood of celebrity memecoins hitting the market. The Ethereum co-founder believes that the main objective of any project should be to ensure that participants feel satisfied and happy, even if the tokens end up being worthless.
In a post on June 5, Buterin expressed his views on financialization, stating that it should only be justified if it serves a purpose that adds value to society. This could include improving healthcare, supporting open-source software, and promoting art and creativity. His comments were prompted by discussions around Iggy Azalea’s Mother Iggy (MOTHER) token potentially becoming the standout celebrity project of this era if it can create sustainable value.
Celebrity tokens, which are digital assets or cryptocurrencies backed by celebrities, aim to leverage the popularity of the celebrity to attract interest and investment within the cryptocurrency ecosystem. Buterin highlighted the Stoner Cats project by Ashton Kutcher and Mila Kunis as a more commendable example compared to the recent influx of celebrity memecoins, noting that it funded an actual show with substance and purpose.
Buterin outlined a set of criteria for celebrity crypto projects to earn his approval. These include having a clear public benefit goal beyond enriching the celebrity and early investors, longevity lasting over 10 years, and engaging features that go beyond simple trading. While he is not a fan of token-voting DAOs, he acknowledged that they provide activities and a sense of community, emphasizing that the DAO should not solely dictate the agenda but should have some level of influence.
The trend of celebrities launching memecoins on platforms like Solana has been growing, with names like Caitlyn Jenner, Soulja Boy, Rich The Kid, Kazumi, and Ivana Knöll entering the space. However, some celebrities have raised concerns about being scammed by entrepreneur Sahil Arora following their token launches. Azalea, in particular, clarified that her token launch was not associated with Arora.
In a similar vein, Afro-pop star Davido’s DAVIDO meme token faced criticism from the Nigerian crypto community, with speculation about a potential token dump being part of his strategy. The celebrity memecoin landscape continues to evolve, with both positive and negative reactions from the community.