According to a previous report by Zombit, many celebrities have used their influence to issue tokens in the past week. Although some of these tokens, such as MOTHER issued by American celebrity Iggy Azalea, have been able to successfully hype up to a market value of over one billion, the vast majority still end 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 expressed his dissatisfaction with the “celebrity coin issuance experiment” cycle:
Regarding celebrities entering the cryptocurrency field, Vitalik also gave several suggestions, hoping that such influence could be used in the right way. Firstly, celebrity-driven cryptocurrency projects must be geared towards serving the public interest, rather than just enriching the celebrities themselves and early adopters. This could involve art projects or charities supported by celebrities, or both.
Furthermore, these projects need to have some interesting mechanisms beyond simply being “tradeable tokens” (such as decentralized governance), and create something that can last for over 10 years, rather than just a flash in the pan within a few months. Lastly, Vitalik stated:
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