Memecoins aren’t the ‘right step’ for celebrities, but DApps could be — Skale Labs CMO
As more celebrities get into memecoins, a former Hollywood executive who now works in the Web3 space has revealed the flaws surrounding celebrity-backed tokens and proposed an alternative called decentralized applications (DApps).
At the Token2049 event in Singapore, Cointelegraph reporter Ciaran Lyons spoke with Andrew Saunders, chief marketing and development officer of Skale, the Ethereum virtual machine (EVM) blockchain, about celebrities jumping onto the Web3 via memecoins.
Skale's CMO criticizes the current state of popular memecoins and says he's moving away from them. “I'm from Hollywood, and I've never touched a popular memecoin,” Saunders told Cointelegraph.
The problem with celebrity memecoins
The executive explained that celebrity tokens are similar to most meme-based tokens. Saunders wants these token projects to have key containers with multiple offerings. The Web3 expert said that even if they distribute the tokens among 50 wallets, it is still the same if they are held by a few people.
Saunders also described memecoins as a player-versus-player (PvP) game. The executive believes users can multiply their investment if they get in early. He explained.
You're rolling the dice, aren't you? And the more you hold, the more likely you are to throw up.”
However, the executive believes that the tide will change as the space gets more regulatory clarity. Saunders said that the attitude of crypto is becoming more positive in the United States and when people begin to understand the technology, what he described as the “in the arm” model will be more.
Saunders says this is when celebrities realize they can use blockchain technology to connect with their fans. In addition, you can access information that you could not access using Web2 technologies.
Related: Are Celebrity Symbols Good or Bad for Web3? Execs weigh in.
DApps instead of celebrities
For example, the executive said a celebrity could create an app that would allow users to earn points for every interaction they have with the popular social media post. Then, you can exchange those points for perks like meet and greets, autographed posters, or a cameo in a music video.
“I think that's where it's going to go in the end. At the end of the day, I don't see any reason for a celebrity to launch a token, be it a memecoin or a utility-based token, but I think blockchain technology will eventually be widely used. Celebrities,” Saunders said.
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