As a seasoned investor who has seen my fair share of bubbles and busts, I find myself resonating deeply with Andrew Saunders’ perspective on celebrity-endorsed meme coins. Coming from a background in Hollywood where hype often overshadows substance, I can attest to the allure of a quick buck, but also the risks that come with it.
In the rapidly expanding realm of Web3, I, as a researcher, am observing a growing interest in meme coins endorsed by celebrities. However, this trend is drawing increased scrutiny from experts like myself. At the Token2049 event in Singapore, during an interaction with Cointelegraph, Andrew Saunders, Skale Labs’ Chief Marketing and Growth Officer, voiced his reservations about celebrity-led meme coin launches. He proposed that decentralized applications (DApps) might present a more sustainable avenue for public figures to connect with their fanbase.
Leveraging his experience in Hollywood, Saunders voiced significant concerns regarding celebrity-backed meme tokens, stating:
“I would never touch a celebrity meme coin.”
He compared them to regular meme coins, warning that these projects often concentrate power in the hands of a few, leaving late investors vulnerable to manipulation.
Saunders likened meme coins to a “player-versus-player” (PvP) game, where those who join early often profit at the cost of later participants. He warned investors about the increasing risk associated with holding onto these coins for extended periods, stating that the longer one holds, the greater the likelihood of being negatively impacted or “dumped on.
The Shift to DApps and Fan Engagement
Saunders highlighted the likely increase in celebrity involvement in crypto as regulations become clearer. He pointed out that with more defined rules, especially in the US, the public’s view of blockchain and crypto assets will improve. He said this could lead to what he calls an “arm-in” model, where celebrities use blockchain to deepen fan engagement, moving beyond short-term token launches.
According to Saunders, blockchain technology enables celebrities to construct Decentralized Applications (DApps) that facilitate more engaging interactions with their fans. He envisions celebrities developing DApps where fans are incentivized for sharing content or participating in virtual events. The rewards earned by fans can be exchanged for exclusive benefits like meet-and-greets, autographed merchandise, a role in a music video, or similar unique experiences.
Why DApps Might Be the ‘Right Move’
As a researcher, I find that, following Saunders’ findings, blockchain technology offers an exceptional chance for celebrities to delve into richer and more extensive fan engagement data compared to what is currently accessible through popular web 2.0 platforms such as Instagram and Twitter.
Additionally, Saunders outlined that celebrities can utilize Decentralized Applications (DApps) to establish a system where fans earn points for interacting with their social media content. This setup fosters a more genuine and engaging experience for both the stars and their admirers.
Saunders stated that he can’t find any immediate need for a celebrity to introduce a cryptocurrency, whether it’s a meme coin or a utility token, but he believes that blockchain technology will become commonly used by celebrities in the future.
As Decentralized Applications (DApps) gain traction, it’s possible that blockchain technology could play a crucial role in helping celebrities foster deeper, honest, and enduring connections with their fan bases.
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2024-09-19 15:15