Vitalik Buterin, the co-founder of Ethereum (ETH), recently expressed his dissatisfaction with the surge of celebrity meme cryptocurrency launches. In a statement on June 5, Buterin criticized the current trend of celebrities creating memecoins.
For Buterin, the essence of a project should be such that, even if it eventually becomes obsolete, the average participant can still find some joy and fulfillment in being a part of it. He emphasized in a recent post that financialization is only justifiable if it serves a purpose.
“I’m quite disappointed with the current trend of ‘celebrity experimentation’,” Buterin stated. “I can appreciate financialization as a means to achieve something worthwhile (such as healthcare, open source software, art, etc). However, financialization as the ultimate goal is repugnant.”
Buterin’s remarks were sparked by a discussion about the potential of Iggy Azalea’s Mother Iggy (MOTHER) token turning into a celebrity experiment in this cycle.
In addition, the Ethereum co-founder outlined three key elements that a celebrity cryptocurrency project must possess in order for it to be considered “respectable.”
1. It should have a public good objective that benefits and enriches both the celebrity and early adopters. This could be an art project, the celebrity’s preferred charity, or a combination of both.
2. It should incorporate an engaging mechanic that extends beyond token trading. Despite his reservations about token voting DAOs, Buterin acknowledged that they provide people with activities and organization. While the DAO should not dictate the agenda entirely, it should hold some sway.
3. It should be designed to have a lasting impact beyond a few months, ensuring that participants will still feel content even if the tokens become worthless. The goal should be to create a project where the average person who participated will look back with satisfaction. This is a standard that regular companies and charities often meet, and Buterin believes that the projects in the crypto space should strive to achieve it as well.
Buterin concluded by emphasizing the importance of creating projects with longevity and genuine value, rather than fleeting trends that quickly fade away.
Disclaimer: The opinions expressed by the author and individuals mentioned in this article are for informational purposes only and do not constitute financial or investment advice. Investing in cryptocurrencies carries a risk of financial loss.
