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Vitalik Buterin Slams Celebrity Crypto Tokens for Lack of Long-Term Value

2 mins
Updated by Lynn Wang
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In Brief

  • Vitalik Buterin criticizes the trend of celebrity tokens, calling them superficial and lacking in substance.
  • He emphasizes the need for crypto projects that serve the public good and offer engaging mechanics.
  • Buterin urges the crypto community to develop projects with long-term relevance and positive impact.
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In a recent statement, Vitalik Buterin, co-founder of Ethereum, expressed his dissatisfaction with the growing trend of celebrity tokens. He emphasized that these tokens often lack substance and fail to contribute to meaningful causes.

Buterin recalled his earlier ideas on using tokens to fund important public projects, such as cancer research or environmental conservation. He continues to highlight the potential for cryptocurrencies to serve the public good.

Celebrity Tokens Need More Than Fame to Succeed

Buterin recently took to X (Twitter) to express his thoughts on the recent trend of celebrity token launches. He voiced his disappointment, criticizing the superficial nature of these tokens.

“I’m feeling quite unhappy about this cycle’s celebrity experimentation,” he wrote.

Read more: Crypto Scam Projects: How To Spot Fake Tokens

Buterin compared the current celebrity tokens to past projects like Ashton Kutcher and Mila Kunis’ Stoner Cats, which at least aimed to fund an actual show. He argued that financialization should serve a worthy end, such as healthcare or art, rather than merely enriching celebrities and early adopters.

Furthermore, Buterin outlined key features that would make a celebrity crypto project respectable. The project should have a public good goal, such as supporting a charity or an art project.

Additionally, Buterin thinks celebrity crypto projects should offer engaging mechanics beyond token trading. This could possibly be achieved through token voting decentralized autonomous organizations (DAOs) that allow community participation without fully dictating the agenda.

“Make something that lasts 10+ years, rather than bubbling around for a few months and then being forgotten,” he added.

He suggested that the concept should ensure that even if all tokens lose their value, participants should still feel their involvement was worthwhile. He drew a parallel with regular businesses and charities, which achieve this goal routinely.

Buterin’s previous thoughts on meme coins and charity coins further illustrate his vision for a more meaningful and fun approach to cryptocurrencies. According to him, the Dogelon Mars token showcased successful examples after being donated. Its donation fostered a positive relationship between its community and the Methuselah Foundation.

Buterin’s statement comes amid a renewed trend of celebrity token launches. Public figures like former Olympic athlete Caitlyn Jenner and Australian rapper Iggy Azalea have recently introduced their own meme coins.

Jenner admitted to receiving help from a middleman, later accused of scamming her, to launch her JENNER token. Meanwhile, Azalea claimed to have launched the MOTHER token with her brother’s assistance. These launches, however, have been marred by concerns over insider trading and pump-and-dump schemes, as uncovered by on-chain sleuths and analytic platforms.

Read more: What Is a Rug Pull? A Guide to the Web3 Scam

List of Addresses Allegedly Involved in MOTHER Insider Trading.
List of Addresses Allegedly Involved in MOTHER Insider Trading. Source: Bubblemaps

The historical performance of celebrity-related crypto and non-fungible token (NFT) projects has also been troubling. Many of these ventures have failed or turned out to be scams, raising doubts about their sustainability and integrity.

Buterin’s call for higher standards and meaningful contributions in the crypto space is a response to these ongoing issues. By pushing for these standards, the crypto community hopes to see a shift from the current trend of superficial celebrity tokens to more substantial and beneficial crypto projects.

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Lynn Wang
Lynn Wang is a seasoned journalist at BeInCrypto, covering a wide range of topics, including tokenized real-world assets (RWA), tokenization, artificial intelligence (AI), regulatory enforcement, and investments in the crypto industry. Previously, she led a team of content creators and journalists for BeInCrypto Indonesia, focusing on the adoption of cryptocurrencies and blockchain technology in the region, as well as regulatory developments. Prior to that, at Value Magazine, she covered...