Ethereum co-founder Vitalik Buterin has voiced his disapproval of the recent wave of celebrity-endorsed meme coins, arguing that these projects often lack meaningful value.
In a June 5 post, Buterin stressed that any financial venture should have a purpose that benefits society, such as enhancing healthcare, supporting open-source software, or promoting art and creativity.
His comments were a response to a discussion about Iggy Azalea’s Mother Iggy (MOTHER) token, which some believe might lead the celebrity crypto trend towards creating sustainable value.
Buterin, however, is sceptical of such projects, which typically rely on celebrity popularity to attract investment but fail to deliver long-term benefits.
Celebrity tokens are digital assets endorsed by celebrities to capitalize on their fame. But Buterin stressed that projects should offer more than just financial gain for the celebrities and early investors.
He cited Ashton Kutcher and Mila Kunis’ Stoner Cats project as a more respectable example because it funded an actual animated show, unlike the current meme coins which he views as lacking in substance.
Buterin outlined several criteria for a celebrity crypto project to earn his respect. It should aim for public benefit beyond enriching the celebrity, have a lifespan of over ten years, and include engaging features that foster community involvement.
He noted that while he is not a fan of token-voting decentralized autonomous organizations (DAOs), they at least provide activities and a sense of community, which is more than can be said for many meme coins.
The launch of Azalea’s MOTHER token on May 28 is part of a trend where celebrities such as Caitlyn Jenner, Soulja Boy, Rich The Kid, and others release their tokens.
However, some of these celebrities have later claimed they were scammed by entrepreneur Sahil Arora, who has denied any wrongdoing. Azalea has stated that her token launch was independent of Arora.
In addition, the recent launch of Afro-pop star Davido’s meme token, DAVIDO, has faced criticism from the Nigerian crypto community, with some speculating that a token dump might be planned.
