CMO Skale Memecoins, according to Andrew Saunders, are a player-versus-player market in which early investors profit the most.
A former Hollywood executive who now works in the Web3 field highlighted concerns about celebrity-backed tokens and proposed decentralized applications (DApps) as a potential alternative as more celebrities get involved with memecoins.
Journalist Ciaran Lyons of Cointelegraph spoke with Andrew Saunders, chief marketing and growth officer of the Ethereum Virtual Machine (EVM) blockchain Skale, at the Token2049 event in Singapore, regarding celebrities using memecoins to enter the Web 3.
The CMO for Skale expressed disapproval towards the present status of celebrity memecoins and declared his intention to avoid them. Saunders said, “I’m from Hollywood and would never touch a celebrity memecoin.”
The issue surrounding celebrity memecoins
According to the executive, celebrity tokens are comparable to most tokens based on memes. According to Saunders, significant holders in these token initiatives typically have an ample supply. The Web3 expert stated that if a small number of individuals hold the tokens, how they are distributed over 50 wallets makes no difference.
Memecoins, according to Saunders, resemble some player-versus-player (PvP) games. The executive thinks users may increase their investment if they sign up early. He clarified:
“You’re rolling the dice, right? And the longer you hold, the more likely it is you’re gonna get dumped on.”
The executive thinks that things will start to change when regulations in this area become more apparent. According to Saunders, there will be more of what he calls an “arm in” approach as Americans’ perceptions of cryptocurrency improve and more people learn about the technology.
According to Saunders, this is the point at which celebrities understand that they can interact with their audience through blockchain technology. They would also have access to data that Web2 technologies could not provide.
DApps in place of tokens for celebrities
The CEO gave the example of a celebrity creating a DApp that lets users accrue points every time they interact with the celebrity’s social media posts. They can then exchange those points for advantages such as meet-and-greets, posters with autographs, or even a part in a music video.
“I believe that’s where it will ultimately end up.” Ultimately, Saunders stated, “I don’t see any reason why a celebrity should launch a token at this time, whether it be a memecoin or a utility-based token, but I believe that blockchain technology will be widely used by celebrities eventually.”