Expressing dissatisfaction, Ethereum co-founder Vitalik Buterin criticized the surge of celebrity meme cryptocurrency launches. In remarks shared on June 5th, Buterin disapproved of the recent trend of celebrities launching memecoins.
Buterin emphasized that a project’s purpose should be such that even if it becomes obsolete in the future, the average participant can still find satisfaction and joy in being a part of it. He recently stated that financialization is only warranted if it serves a meaningful goal.
“I am quite discontented with the current wave of ‘celebrity experimentation’,” Buterin expressed. “Financialization as a means to an end, I can respect if the end is worthwhile (such as healthcare, open source software, art, etc). Financialization as the ultimate goal, ugh.”
Buterin’s comments followed a report discussing the potential for Iggy Azalea’s Mother Iggy (MOTHER) token to end up as a celebrity experiment in this cycle.
The Ethereum co-founder outlined three key elements that a celebrity cryptocurrency project must possess in order for it to earn his “respect”:
1. It should have a public good objective that benefits the community as well as enriches the celebrity and early adopters. This could be an art project, the celebrity’s preferred charity, or both.
2. It should incorporate an engaging mechanism beyond simply trading tokens. Despite his dislike for token voting DAOs, Buterin acknowledged that they provide people with activities and organization. While the DAO should not dictate the agenda entirely, it can have some influence.
3. It should aim for longevity, lasting more than a decade instead of fading away after a few months. The ultimate goal should be to create a project where even if the tokens become worthless in the end, the average participant would be content for having been involved. This is a standard that regular companies and charities frequently achieve, and it is a benchmark that our creations should also meet.
Disclaimer: The opinions and views expressed by the author or individuals mentioned in this article are for informational purposes only and should not be considered financial or investment advice. Investing or trading cryptocurrencies carries a risk of financial loss.
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