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Experts in the Web3 sector are questioning the interest in meme coins supported by celebrities. In an interview with Cointelegraph at the Token2049 event in Singapore, Andrew Saunders, Marketing and Growth Director of Skale Labs, expressed concerns regarding celebrities launching meme coins. He argued that decentralized applications (DApps) offer a more sustainable way for public figures to engage with their fans.
Warnings Against Meme Coins
With a background in Hollywood, Saunders noted that celebrities have strong reservations about meme coins. He explained that these types of projects concentrate power in the hands of a few individuals, making late investors susceptible to manipulation.
Andrew Saunders: “I would never approach a celebrity meme coin.”
Saunders characterized meme coins as a “player versus player” (PvP) game. He sees these coins as structures where early participants profit at the expense of others, and emphasizes the long-term risks involved. The longer investors hold meme coins, the greater their risk becomes, a point Andrew underscores. Many have experienced this firsthand with various meme coins.
Andrew Saunders: “The longer you hold, the more selling pressure you face.”
Deepening Fan Engagement with DApps
Saunders highlighted that as regulations clarify, celebrities’ interest in cryptocurrency will likely increase. He noted that more defined rules in the U.S. could improve public perception of blockchain and crypto assets. This scenario could pave the way for celebrities to utilize blockchain to deepen fan interactions, moving beyond short-term token launches.
He explained that blockchain technology allows celebrities to create DApps for more dynamic interactions with their fans, enabling them to reward fans for activities like content sharing or participating in virtual events. Fans could use these rewards for special privileges like meet-and-greets, signed memorabilia, or roles in music videos.
According to Saunders, blockchain technology provides celebrities with access to valuable fan engagement data beyond existing Web2 platforms like Instagram or Twitter. He illustrated how a celebrity could use a DApp that enables fans to earn points based on social media engagements, thereby establishing a more authentic and rewarding connection between stars and their followers.
“I currently don’t see any reason for a celebrity to launch a token, be it a meme coin or a utility token. I believe blockchain technology will eventually be widely adopted by celebrities.”
With the rising interest in DApps, blockchain technology can become a vital tool for celebrities to build meaningful, transparent, and enduring relationships with their fans. This approach can create a more sustainable and mutually beneficial ecosystem for both celebrities and fans. However, football teams are already aiming to enhance their fan token capabilities, indicating that these discussions aren’t entirely new concepts.
