Andrew Saunders, chief marketing officer at Skale Labs, has voiced concerns over celebrity involvement in memecoins. He spoke at the Token2049 event in Singapore. Saunders, a former Hollywood executive, now works in the Web3 space.
"I come from Hollywood, and I would never touch a celebrity memecoin," Saunders told Cointelegraph. He criticized the current state of celebrity memecoins. The executive advised staying away from such projects.
Saunders highlighted key issues with celebrity tokens. He noted their similarities to most meme-based tokens. These projects often have key holders with large token supplies. This remains true even when distributed across multiple wallets.
He likened memecoins to a player-versus-player game. Early investors stand to gain the most. "You're rolling the dice, right? And the longer you hold, the more likely it is you're gonna get dumped on," Saunders explained. The executive anticipates changes as regulatory clarity improves. He predicts a shift in perception of crypto in the United States. This could lead to what he terms an "arm in" model for celebrities.
Saunders envisions celebrities leveraging blockchain to connect with fans. This approach could offer access to data unavailable through Web2 technologies. He proposes decentralized applications (DApps) as an alternative to celebrity tokens.
A DApp could allow fans to earn points for interacting with a celebrity's social posts. These points could be exchanged for various benefits. Examples include meet-and-greets, autographed posters, or music video cameos.
"I think that's where it's going to ultimately go," Saunders stated. He sees no current justification for celebrities to launch tokens. However, he believes blockchain technology will eventually see widespread celebrity adoption.
Regulatory developments may influence this transition. As understanding of the technology grows, more celebrities might explore blockchain-based fan engagement. This could mark a shift away from risky memecoin ventures.
The executive's insights suggest a potential evolution in celebrity Web3 involvement. DApps could offer a more sustainable and fan-friendly approach. This contrasts with the current trend of celebrity-backed tokens.