According to a previous report by Zombit, many celebrities have used their influence to launch tokens in the past week. While some tokens, such as MOTHER issued by American celebrity Iggy Azalea, have been able to hype up to a market value of over a billion, the vast majority still end 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” of this cycle:
Regarding celebrities entering the cryptocurrency field, Vitalik also offered several suggestions, hoping that such influence could be used in the right place. First of all, celebrity-driven cryptocurrency projects must be aimed at serving the public interest, rather than just making celebrities and early adopters rich. This could be art projects, 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 fleeting moment within a few months. Finally, Vitalik stated:
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