Originally published on: September 19, 2024
In a world where more and more celebrities are venturing into the realm of memecoins, a former Hollywood bigwig turned Web3 guru has some thoughts on the matter. Andrew Saunders, the chief marketing and growth officer at Skale, a blockchain platform utilizing the Ethereum Virtual Machine (EVM), shared his take on the pitfalls of celebrity-backed tokens and proposed a promising alternative in the form of decentralized applications (DApps).
Speaking at the Token2049 conference in Singapore, Saunders expressed his reservations about the current state of celebrity memecoins, stating unequivocally that he would steer clear of them. Drawing from his experience in Hollywood, the Skale executive highlighted the similarities between celebrity tokens and meme-based cryptocurrencies, noting the concentration of supply among a few key holders. Regardless of how tokens are distributed across multiple wallets, Saunders emphasized that the fundamental issue remains unchanged.
Describing memecoins as a type of player-versus-player (PvP) game where early adopters stand to reap significant returns, Saunders acknowledged the speculative allure of these tokens but predicted a shift as the regulatory landscape clarifies. With a more positive perception of crypto gaining ground in the US and a growing understanding of blockchain technology, Saunders foresees a shift towards what he terms an “arm in” model, wherein celebrities leverage blockchain to engage with their fanbase and harness valuable data unavailable through Web2 channels.
Rather than jumping on the memecoin bandwagon, Saunders envisions a future where celebrities leverage DApps to enhance fan interactions. By creating platforms where fans can earn rewards for engaging with their favorite stars, such as points redeemable for exclusive meet and greet opportunities or cameo appearances, celebrities can forge deeper connections with their audience and unlock new revenue streams.
“I don’t see any reason right now for a celebrity to launch a token, whether it’s a memecoin or utility-based token, but I do think blockchain technology is going to be eventually widely used by celebrities,” Saunders predicted, underscoring the transformative potential of DApps in reshaping celebrity-fan dynamics in the Web3 era.
With the memecoin craze reaching fever pitch, Saunders’ insights offer a refreshing perspective on the intersection of celebrity and blockchain, hinting at a future where DApps, not memecoins, reign supreme.
