According to a report by Zombit, many celebrities have used their influence in the past week to issue tokens. Although some tokens, such as MOTHER issued by American celebrity Iggy Azalea, have been able to successfully hype up to a market value of over a billion, the vast majority still ended in failure. This chaos has sparked heated discussions in the cryptocurrency industry.
In response, Ethereum founder Vitalik Buterin also commented on this on X. Vitalik stated that he personally is quite dissatisfied with the “celebrity coin issuance experiment” of this cycle.
Regarding celebrities entering the cryptocurrency field, Vitalik also gave several suggestions, hoping that such influence can be used in the right direction. First, celebrity-driven cryptocurrency projects must serve the public interest as their service goal, rather than just enriching the celebrities themselves and early adopters. This could be art projects or charitable organizations supported by celebrities, or both.
Furthermore, these projects need to have some interesting mechanisms beyond just “tradable tokens” (such as decentralized governance) and create something that can last for more than 10 years, rather than just a flash in the pan within a few months. Lastly, Vitalik stated:
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