Memecoins
“How can we push things in a better direction? »
Vitalik Buterin, Co-Founder of Ethereum, Responds to Celebrity Memecoins: “How Can We Push Things in a Better Direction?”
When Vitalik Buterin helped found Ethereum in 2013, he envisioned using the blockchain platform and technology as a force for good. He envisioned the network as a way to increase social welfare and give users access to valuable projects. So it makes sense that Buterin criticized the coin craze that has overtaken the crypto community in 2024. Buterin said he is not a fan of the coin frenzy and would rather the community push “things in a better direction”.
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Buterin’s comments followed an article on X regarding the Mother Iggy (MOTHER) token, a project centered around rapper Iggy Azalea. “If $MOTHER enters into creating lasting value, it will also be the mother of celebrity experimentation this cycle,” said Chris Burniske. on.
The co-founder of Ethereum repliedstating that he “feels very unhappy about [sic] “celebrity experimentation of this cycle” so far,” and that it can respect the means “if the end is worth it (health care, open source software, art, etc.). »
Buterin claims that the creators of these tokens use celebrity names to attract investors while offering little value in return. He claims this practice diverts funds from more useful projects and contradicts his original vision for Ethereum.
Celebrity memecoins have recently become popular among crypto investors. Tokens centered around celebrities like Donald Trump, Caitlyn Jenner and Elon Musk have attracted billions in investment without providing much value.
While most of these meme projects are antithetical to Buterin’s grand vision for Ethereum, he mentioned one project that used his funds to add value, but not on the scale he hoped for.
“Ashton and Mila’s Stoner Cats was far more honorable than anything we’ve seen from this 2024 celebrity memecoin era – at least there was an actual, funded show,” Buterin noted. The Stoner Cats project featured an NFT collection, which funded an animated show. The project raised enough money to hire Mila Kunis, Ashton Kutcher, Chris Rock and Buterin himself as voice actors.
Stoner Cats is an example of how crypto project funds can create valuable content. However, the SEC sued Stoner Cats over its NFT offering, resulting in a $1 million civil penalty.
While many projects aim to drive up token prices or make a quick buck, Buterin asks, “How can we push things in a better direction?” » It will be interesting to see how projects respond to his call.
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