Dan Finlay, co-founder of MetaMask, conducted an experiment with memecoins to explore issues of consent and trust in the Web3 ecosystem. During his experiment, he minted two tokens and shared his experiences.
Minting 'Consent' and 'I Don’t Consent' Tokens
Finlay minted 'Consent' on Ethereum and 'I Don’t Consent' on Solana, encountering what he described as 'deeply unpleasant in predictable ways.' The experiment opened up a discussion about the intersection of hype and responsibility, linking his experiences to debates on consent in AI and public platforms.
Memecoin Risks and Financial Implications
The experiment highlighted the speculative and risky nature of memecoins, with rapid trading activity inflating their value, temporarily raising Finlay’s assets to over $100,000. However, lack of clear structure left participants vulnerable to financial losses. Finlay faced backlash from investors demanding long-term plans and significance for the assets.
Blurring the Lines of Consent
Finlay drew parallels between the memecoin space and debates about consent on digital platforms like AI, particularly Bluesky. He observed a 'disconnect between the protocol expectations of consent and the social expectations of consent,' which applies to memecoins too. This signals the need for clear systems of consent and trust in Web3.
Finlay’s findings highlight the need for improvement in Web3 infrastructure to address issues of consent, user expectations, and investor perspectives. This calls for the development of tools and incentives that can enhance engagement and trust.
