According to Zombit’s previous report, many celebrities have leveraged their influence in the past week to launch tokens. While some tokens have successfully surged to billion-dollar market values, such as the one launched by American celebrity Iggy Azalea called MOTHER, the vast majority have 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 expressed his dissatisfaction with the “celebrity token experiment” cycle:
Regarding celebrities entering the cryptocurrency field, Vitalik also offered several suggestions in hopes that such influence can be used in the right way. Firstly, celebrity-driven cryptocurrency projects must have a public service goal, rather than just making the celebrity and early adopters rich. This goal could be an art project, a charity organization supported by the celebrity, or both.
Furthermore, these projects need to have interesting mechanisms beyond just “tradeable tokens” (such as decentralized governance) and create something that can last for over 10 years, rather than being just a flash in the pan for a few months. Lastly, Vitalik stated:
