According to Zombit’s previous report, many celebrities have used their influence to issue tokens in the past week. While some tokens, such as MOTHER issued by American celebrity Iggy Azalea, have successfully achieved market capitalizations of over a billion, the majority of them 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 coin issuance experiment” cycle:
Regarding celebrities entering the cryptocurrency field, Vitalik also gave some suggestions, hoping that such influence can be used in the right way. Firstly, celebrity-driven cryptocurrency projects must serve the public interest, not just enrich the celebrities themselves and early adopters. This could be art projects, celebrity-backed charitable organizations, 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. Finally, Vitalik stated:
