According to a previous report by Zombit, many celebrities have used their influence to launch tokens over the past week. Although some of these tokens, such as MOTHER by American celebrity Iggy Azalea, have been able to 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 the matter 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. First, celebrity-driven cryptocurrency projects must serve the public interest as their service goal, rather than just making the celebrities themselves and early adopters rich. This could often be an art project or a charity supported by the celebrity, or both.
Additionally, these projects need to have some interesting mechanisms beyond just “tradable tokens” (such as decentralized governance) and create something that can last for over 10 years, rather than just a fleeting moment in a few months. Finally, Vitalik stated:
