At Token2049 in Singapore, Andrew Saunders, the chief marketing and growth officer of the Ethereum Virtual Machine (EVM) blockchain Skale, shared his views on celebrity-backed memecoins and proposed an alternative in the form of decentralized applications (DApps).
Flaws of Celebrity Memecoins
Andrew Saunders, a former Hollywood executive who transitioned to the Web3 space, criticized celebrity-backed memecoins. He believes these projects usually have key holders with a large supply of tokens, making the distribution unequal.
Problems and Predictions for the Crypto Space
Saunders compared memecoins to a PvP game where early investments could yield profits. He pointed out: > “You’re rolling the dice, right? And the longer you hold, the more likely it is you’re gonna get dumped on.” However, Saunders predicts that this will change with increased regulatory clarity and a better perception of cryptocurrencies in the U.S.
DApps as an Alternative
Instead of memecoins, Saunders suggests using DApps. He believes celebrities can create DApps that allow fans to earn points for interacting with their social media posts. These points can be traded for various perks such as meet and greets, autographed posters, or cameo appearances in music videos.
Saunders believes the use of blockchain technology by celebrities will become common practice. He sees no need for launching memecoins as DApps offer more balanced and engaging opportunities for interaction.
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