According to a previous report by Zombit, many celebrities have used their influence to issue tokens in the past week. Although some tokens, such as MOTHER issued by American celebrity Iggy Azalea, have successfully stirred up billions in market value, the vast majority still ended in failure. Such 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 in the hopes that such influence can be used in the right way. First, celebrity-driven cryptocurrency projects must serve the public interest as their service goal, rather than just making celebrities and early adopters rich. This may typically involve art projects, charities supported by celebrities, or both.
Furthermore, these projects need to have some interesting mechanisms beyond simple “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. Finally, Vitalik stated:
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