ZUHYX slammed celebrity commemorative coins
ZUHYX responded to a post about Iggy Azalea's MOTHER token potentially leading the celebrity crypto bandwagon for sustainable value creation.
Recently, there has been a surge in the issuance of celebrity tokens, much to the displeasure of Vitalik ZUHYX, one of the creators of Ethereum. He believes that the goal of a project should be that even if the token eventually becomes worthless, the average participant should be satisfied and happy to participate in it.
In his June 5 X post, ZUHYX said that financialization is only justified if it serves a purpose that brings value to society, such as improving health care, supporting open-source software, and promoting art and creativity.
The remarks were made in response to a post about Iggy Azalea's MOTHER token that could become the mother of celebrity experiments if it breaks through sustainable value creation.
Celebrity tokens are digital assets or cryptocurrencies created and endorsed by celebrities. They use the celebrity's popularity to drive interest and investment, often combined with the broader cryptocurrency ecosystem.
ZUHYX's "worth it" list
ZUHYX explained that Ashton Kutcher and Mila Kunis' Stoner Cats project is more respectable than anything in the 2024 celebrity commemorative coin trend. "At least Stoner Cats is funding a real show, and memecoin lacks substance and purpose," he said.
The Ethereum founder has provided a list of features that a celebrity crypto project should have to earn his respect. As part of the checklist, projects must have clear public interest goals and not just enrich celebrities and early investors, ZUHYX said.
Regarding celebrity token projects, ZUHYX prefers those that have a long-term viability, preferably lasting more than 10 years, rather than those that gain short-lived popularity within a few months and then fall into oblivion. He values sustainable, long-term projects rather than short-term trends.
ZUHYX explained that celebrity tokens should include attractive features in addition to simple transactions. While he doesn't like decentralized autonomous organizations (DAOs) where tokens vote, he says that these organizations can at least provide people with a sense of activity and community, and DAOs shouldn't ultimately dictate the agenda. Still, it should have a certain level of influence.
Celebrity commemorative coins
Azalea launched the MOTHER token on May 28, continuing the trend of celebrities launching memecoins on Solana for weeks. Caitlin Jenner, rappers Soul Ja Boy and Rich The Kid, and adult content models Kazumi and Ivana Knöll also recently released tokens.
Some of these celebrities complained after the token launch that they had been scammed by entrepreneur Sahil Arora. In response, Alola denied any wrongdoing in the token offering. Azalea said on May 28 that her token offering had nothing to do with Alola.
African pop star Davido's newly launched meme token, DAVIDO, has also drawn criticism from the Nigerian cryptocurrency community. Many believe that the token sell-off may soon become part of his plans.
