Vitalik Buterin, one of the co-founders of Ethereum (ETH), is speaking out against the current trend of celebrity memecoins, emphasizing the need for digital assets to serve purposes beyond simply benefiting their creators and early adopters.

In a recent thread on the social media platform X, Buterin, with 5.3 million followers, expresses his dissatisfaction with the current wave of celebrities dabbling in meme assets. He specifically mentions Stoner Cats, an NFT collection supported by actors Ashton Kutcher and Mila Kunis, noting that the project at least had a tangible real-world application.

Buterin expresses his disappointment with the trend of celebrities using financialization as the ultimate goal, emphasizing that he can appreciate it if the end goal is something worthwhile like healthcare, open-source software, or art. He praises Stoner Cats for actually funding a show, contrasting it with the lack of substance in the current wave of celebrity memecoins.

While Stoner Cats faced regulatory scrutiny from the U.S. Securities and Exchange Commission (SEC) in 2023 for being an unregistered security, Buterin still acknowledges its efforts to have a genuine use case. He outlines the key characteristics that a celebrity meme asset would need to earn his respect, including longevity, utility beyond enriching celebrities, and unique features beyond mere tradability.

To stay updated on the latest news, subscribe to receive email alerts directly to your inbox. Follow us on X, Facebook, and Telegram for more updates.

Disclaimer: The opinions expressed on The Daily Hodl do not constitute investment advice. It is important for investors to conduct thorough research before engaging in high-risk investments involving Bitcoin, cryptocurrency, or digital assets. All transfers and trades are done at the individual’s risk, and any resulting losses are the responsibility of the individual. The Daily Hodl does not endorse the buying or selling of cryptocurrencies or digital assets, nor does it provide investment advice. Please be aware that The Daily Hodl engages in affiliate marketing. Featured Image: Shutterstock/Net Vector TWStock