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Vitalik 'Unhappy' with Celebrity Memecoin Experiments

Vitalik shares frustration with current celebrity projects like Iggy Azalea memecoin.
Jack Inabinet Jack Inabinet Jun 5, 20242 min read
Vitalik 'Unhappy' with Celebrity Memecoin Experiments

Ethereum co-founder Vitalik Buterin gave his thoughts on the most recent iteration of celebrity-promoted memecoins this morning.

What’s the scoop?

  • Plain Unhappy: While financialization can be justified when it brings value to society, Vitalik expresses strong disagreement with financialization in the absence of a real product.
  • Proposed Fixes: Vitalik claims that he would be willing to respect celebrity-promoted projects that serve some form of greater good, include onchain mechanisms beyond simple token trading, and that can gain long-term adoption. These projects will make everyone involved feel satisfied, even if their underlying assets go to zero.
  • Stoner Cat Success: To showcase celebrity projects that border on acceptable, Vitalik highlights the Stoner Cats NFT collection from Ashton Kutcher, Mila Kunis, and Chris Rock. Although the entity behind Stoner Cats was charged by the SEC for offering unregistered digital asset securities last September, Vitalik expresses admiration for the Project’s creation of an actual show.

Bankless Take:

Solana's latest memecoin fervor has brought in a host of minor celebrities, promising nothing but a good time. As demonstrated by the SEC’s Stoner Cats enforcement action, it is inherently difficult for celebrities to promote crypto assets with actual utility. Vitalik's latest critique comes with a pathway forward for celebrities to interact with crypto technology while mitigating legal exposure and yielding a net-positive impact on the industry.

Solana’s Celebrity Memecoin Sideshow on Bankless
Celebrities are coming for a good time, not a long time.
Jack Inabinet

Written by Jack Inabinet

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Jack Inabinet is a Senior Analyst with a passion for exploring the bleeding edge of crypto and finance. Prior to joining Bankless, Jack worked as an analyst at HAL Real Estate where he conducted market research and financial analysis for commercial apartment development and acquisition activities in the Seattle region. He graduated from the University of Washington’s Michael G. Foster School of Business and remains based out of the Seattle area.

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