Vitalik Buterin expressed his disappointment with the recent flood of celebrity memecoin releases. The Ethereum co-founder believes that a project’s success should not solely rely on the value of its tokens, but rather on the satisfaction and happiness of its participants, even if the tokens end up worthless.
In a post on June 5, Buterin emphasized that financialization should only be justified if it contributes to societal value, such as enhancing healthcare, supporting open-source software, and promoting art and creativity. He made this statement in response to discussions about Iggy Azalea’s Mother Iggy (MOTHER) token potentially becoming a leading figure in the current wave of celebrity experimentation, if it manages to create sustainable value.
Celebrity tokens are digital assets or cryptocurrencies endorsed by celebrities to attract interest and investment by leveraging their fame within the cryptocurrency ecosystem. Buterin compared projects like Ashton Kutcher and Mila Kunis’ Stoner Cats to the recent trend of celebrity memecoins, stating that the former had more substance and purpose as it funded an actual show.
Buterin outlined criteria for celebrity crypto projects to earn his approval. He stressed the importance of projects with a clear public benefit goal beyond enriching the celebrity and early investors. He also preferred projects with longevity, lasting over 10 years, rather than short-lived trends that fade away quickly.
In addition, Buterin highlighted the need for engaging features beyond simple trading in celebrity tokens. While he expressed his dislike for token-voting decentralized autonomous organizations (DAOs), he acknowledged that they provide activities and a sense of community for participants. He emphasized that the DAO should not dictate the agenda entirely, but should have some influence.
Celebrities like Iggy Azalea, Caitlyn Jenner, Soulja Boy, Rich The Kid, Kazumi, and Ivana Knöll have recently launched memecoins on Solana, joining the trend. Some of these celebrities have raised concerns about being scammed by entrepreneur Sahil Arora following the token launches. However, Azalea clarified that her token launch was not associated with Arora.
Meanwhile, Afro-pop star Davido’s newly launched meme token, DAVIDO, faced criticism from the Nigerian crypto community, with some speculating about potential token dumps in his plans. The celebrity memecoin trend has sparked discussions about the credibility and longevity of such projects, with Buterin emphasizing the importance of sustainable, long-term ventures over short-lived trends.