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News

Vitalik Buterin Criticizes Iggy Azalea’s MOTHER Token Over Celebrity Trend

June 5, 2024 - Around 2 mins mins to read

Key Points:

  • Vitalik Buterin criticizes celebrity-led crypto projects.
  • He suggests these projects should aim for longevity and fun mechanics.
  • Celebrity-endorsed token MOTHER sees high trading demand post-launch.
Vitalik Buterin Criticizes celebrity-led crypto projects like Iggy Azalea’s MOTHER token, arguing they should serve public interest and not just enrich celebrities.
Vitalik Buterin Criticizes Iggy Azalea's MOTHER Token Over Celebrity Trend

Ethereum co-founder Vitalik Buterin has shared his frustration with the rising trend of celebrity adoption in the crypto space, singling out the token MOTHER led by hip-hop artist Iggy Azalea.

He articulated that such a venture should serve some kind of public interest goal, rather than simply enriching celebrities and early adopters.

Vitalik Buterin Criticizes Celebrity Adoption in Crypto Space

He detailed on Twitter, “Financialization as a means toward an end” can be respected if the end is worthy (healthcare, open source software, art, etc). But when financialization becomes the final product, I find it very distasteful. Ashton and Mila’s Stoner Cats at least funded an actual show, he explained.

In detailing the good way that celebrity crypto projects can go, Buterin stated there are three things they must have. The first is a kind of public-good goal, something like an art project or a charity.

Secondly, have fun mechanics that give people something to organize around beyond trading a token. Finally, design to live for over a decade, not just for a few months.

Readmore: BNB Price Increases To $700 As Market Value Crosses $100 Billion

Public-Good Goals and Longevity: Buterin’s Criteria for Crypto Projects

According to Buterin, the best projects are those that leave participants satisfied even if all the tokens involved end up worthless. He added that regular businesses and charities accomplish this goal all the time, and the same standard should be held to crypto projects.

MOTHER, the Solana-launched token, has been experiencing a big surge in trading demand, driving its value to an all-time high of $0.08952 just days after it was launched.

Despite a price correction on Sunday night, MOTHER rebounded back up and is closing in on the previous peak, after which it retreated again. At press time, MOTHER is changing hands above $0.078, with a market capitalization of around $77.6 million.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Iggy Azalea

Iggy Azalea's MOTHER token

Vitalik

Vitalik Buterin

Vitalik MOTHER Token

Avatar of Thana

Author

Thana

I am a news editor at Coincu, where I produce daily editorial packages and manage the knowledge and review article sections. Before journalism, I earned a Bachelor's degree in Global Logistics and Supply Chain Management from Northampton University and studied news journalism at Press Association Training.
News

Vitalik Buterin Criticizes Iggy Azalea’s MOTHER Token Over Celebrity Trend

Key Points:

  • Vitalik Buterin criticizes celebrity-led crypto projects.
  • He suggests these projects should aim for longevity and fun mechanics.
  • Celebrity-endorsed token MOTHER sees high trading demand post-launch.
Vitalik Buterin Criticizes celebrity-led crypto projects like Iggy Azalea’s MOTHER token, arguing they should serve public interest and not just enrich celebrities.
Vitalik Buterin Criticizes Iggy Azalea's MOTHER Token Over Celebrity Trend

Ethereum co-founder Vitalik Buterin has shared his frustration with the rising trend of celebrity adoption in the crypto space, singling out the token MOTHER led by hip-hop artist Iggy Azalea.

He articulated that such a venture should serve some kind of public interest goal, rather than simply enriching celebrities and early adopters.

Vitalik Buterin Criticizes Celebrity Adoption in Crypto Space

He detailed on Twitter, “Financialization as a means toward an end” can be respected if the end is worthy (healthcare, open source software, art, etc). But when financialization becomes the final product, I find it very distasteful. Ashton and Mila’s Stoner Cats at least funded an actual show, he explained.

In detailing the good way that celebrity crypto projects can go, Buterin stated there are three things they must have. The first is a kind of public-good goal, something like an art project or a charity.

Secondly, have fun mechanics that give people something to organize around beyond trading a token. Finally, design to live for over a decade, not just for a few months.

Readmore: BNB Price Increases To $700 As Market Value Crosses $100 Billion

Public-Good Goals and Longevity: Buterin’s Criteria for Crypto Projects

According to Buterin, the best projects are those that leave participants satisfied even if all the tokens involved end up worthless. He added that regular businesses and charities accomplish this goal all the time, and the same standard should be held to crypto projects.

MOTHER, the Solana-launched token, has been experiencing a big surge in trading demand, driving its value to an all-time high of $0.08952 just days after it was launched.

Despite a price correction on Sunday night, MOTHER rebounded back up and is closing in on the previous peak, after which it retreated again. At press time, MOTHER is changing hands above $0.078, with a market capitalization of around $77.6 million.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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