Celebrity crypto projects: A Vitalik Buterin critique

Vitalik Buterin, the Ethereum founder, recently talked about celebrity involvement in the crypto market. 

Several personalities have launched their crypto projects, but Buterin is not cheering them on. The founder went on to X/Twitter to express dissatisfaction with the star experimentation. Buterin’s biggest gripe with the trend is project financialization, turning everything into an asset.

The founder believes that this tendency is the main focus of such projects. According to Buterin, financialization is used to fund charities or art projects. Naturally, the founder views these projects creating tradable tokens critically because it implies personal profit over project value. 

The lengthy X thread did not specifically mention any celebrity projects. However, names like Mila Kunis and Ashton Kutcher were mentioned among the audience. It is clear that Buterin also sees these projects as falling short of industry standards.

The founder did more than just criticize the projects; he also provided criteria for their improvement. Buterin believes that such projects should always maintain a public goal beyond making early investors and celebrities rich. For example, these projects can support charities, create educational resources, and fund artists.

Secondly, these projects need engaging mechanics besides simply token trading. Token-based Decentralized Autonomous Organizations (DAOs) with restricted decision-making capabilities for token owners is one step in the right direction. The projects should focus on developing a community-centric mission for the users.

Thirdly, and most importantly, Buterin pointed out the need for a long-term goal. Celebrity-fueled crypto projects are widely associated with a quick pump-and-dump scheme with no long-term viability. Crypto projects should at least last a decade to give back to the community.

The most unique part of the critique was Buterin’s take on the successful project’s North Star. The Ethereum founder believes that even if a project’s token loses its value, the community should remain satisfied with its entire experience.

The founder compared the situation to the satisfaction that users get from participating in a meaningful project or supporting a cause. 

The X thread has created a buzz in the market, raising crucial questions and discussions among the crypto community. With more celebrity-fueled crypto projects entering the market, such discussions are the need of the hour.

There is no telling whether Buterin’s critique will have an effect on the projects. At the very least, the community should see the thread as a guideline for celebrity crypto projects on the market.

Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.

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