Vitalik Buterin is not impressed with the recent influx of celebrity memecoin releases. The Ethereum co-founder believes that the main objective of any project should be to ensure that even if the tokens lose their value in the future, the average participant should still feel content and satisfied with their involvement.
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, such as enhancing healthcare, supporting open-source software, and encouraging art and creativity.
Buterin’s comments were in response to a discussion about the potential success of Iggy Azalea’s Mother Iggy (MOTHER) token in becoming the standout celebrity experiment of this cycle by creating sustainable value.
Celebrity tokens, which are digital assets or cryptocurrencies endorsed by celebrities, rely on the fame of the celebrity to attract interest and investment within the broader cryptocurrency ecosystem.
Buterin outlined a set of criteria that a celebrity crypto project must meet in order to earn his respect. He emphasized the importance of the project having a clear public benefit goal beyond just enriching the celebrity and initial investors. He also highlighted the significance of longevity, stating that projects that can last over 10 years are more valuable than those that experience short-lived popularity.
In terms of celebrity token projects, Buterin prefers those with engaging features beyond simple trading. While he is not a fan of token-voting decentralized autonomous organizations (DAOs), he acknowledged that they provide activities and a sense of community for participants.
Iggy Azalea recently launched the MOTHER token, following a trend of celebrities releasing memecoins on Solana. However, some celebrities have expressed dissatisfaction after their token launches, claiming they were scammed by entrepreneur Sahil Arora. Azalea clarified that her token launch was not associated with Arora.
Additionally, Davido, an Afro-pop star, faced criticism from the Nigerian crypto community following the launch of his meme token, DAVIDO. Speculation has arisen that a token dump may be part of his plans.
The release of Caitlyn Jenner’s meme coin, along with the leaked celebrity price list from the alleged “mastermind,” has added further intrigue to the world of celebrity memecoins.