The founder of Ethereum, Vitalik Buterin, recently discussed the role that celebrities have in the cryptocurrency industry. Although a number of celebrities have started own cryptocurrency initiatives, Buterin is not supporting them. The creator continued to voice his displeasure with the star experimentation on X/Twitter. The project financialization trend, which turns everything into an asset, is Buterin’s main complaint about it.
This inclination, according to the founder, is the primary goal of these kinds of projects. Buterin claims that financialization is employed to finance artistic endeavors or charitable causes. The founder naturally has a critical opinion of these projects because they create tradable tokens, which implies that individual gain comes before project value.
Not a single celebrity project was mentioned in the long X thread. But among the audience, names like Ashton Kutcher and Mila Kunis were mentioned. It is evident that Buterin believes these projects don’t live up to industry expectations.
Beyond simply criticizing the initiatives, the founder offered suggestions on how they could be improved. Buterin thinks that the public objective of these kinds of enterprises should never be limited to enriching early backers and famous people. These initiatives, for instance, can finance artists, develop educational materials, and assist charitable organizations.
Second, these projects require more interesting mechanisms than token exchanges. One positive move would be token-based Decentralized Autonomous Organizations (DAOs) that limit token owners’ ability to make decisions. The initiatives ought to concentrate on creating a user-centered, community-centric mission.
Buterin made the third and most significant point—namely, that having a long-term aim is essential. Prominent figures in the cryptocurrency space are frequently linked to short-lived, short-pump schemes that lack long-term sustainability. For cryptocurrency projects to benefit the community, they should at least survive ten years.
Buterin’s analysis of the North Star of the successful enterprise was the most original aspect of the critique. The creator of Ethereum thinks that the community should be happy with the project as a whole, even if the token loses value.
The creator likened the state of affairs to the sense of fulfillment consumers have while taking part in worthwhile projects or contributing to charitable causes.
The X thread has sparked important debates and questions among the cryptocurrency community, creating a buzz in the market. Such talks are urgently needed as more celebrity-backed cryptocurrency initiatives hit the market.
It remains to be seen if Buterin’s criticism will impact the projects. The community ought to view the thread as a minimum set of guidelines for well-known cryptocurrency projects that are available for purchase.