According to a previous report by Zombit, many celebrities have used their influence to issue tokens over the past week. Although some tokens, such as MOTHER issued by American celebrity Iggy Azalea, have been able to successfully speculate to a market value of over one billion, the vast majority still ended 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 personal dissatisfaction with the “celebrity coin issuance experiment” cycle:
Regarding celebrities entering the cryptocurrency field, Vitalik also gave several suggestions in the hope that such influence can be used in the right direction. Firstly, celebrity-driven cryptocurrency projects must serve the public interest as their service goal, rather than just enriching the celebrities themselves and early adopters. This may typically involve art projects or charities supported by celebrities, or both.
Additionally, these projects need to have some interesting mechanisms beyond simply being “tradeable tokens” (such as decentralized governance), and create something that can last for more than 10 years, rather than just a fleeting moment within a few months. Finally, Vitalik stated: