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“I don’t see any reason right now for a celebrity to launch a token, whether it’s a meme coin or utility-based token,” says Skale Labs CMO
Key Notes
Andrew Saunders criticized celebrity-endorsed meme coins, calling them risky and prone to manipulation by early investors.Saunders predicts celebrities will increasingly use decentralized applications (DApps) for deeper, long-term fan engagement.DApps offer valuable data on fan interactions, providing more authentic connections than current Web2 platforms.In the evolving Web3 space, the appeal of celebrity-endorsed meme coins is facing scrutiny from experts. At the Token2049 event in Singapore, during an interview with Cointelegraph, Andrew Saunders, Chief Marketing and Growth Officer at Skale Labs, voiced his concerns about celebrities launching meme coins. He suggested that decentralized applications (DApps) offer a more sustainable way for public figures to engage with their fans.
Drawing from his Hollywood background, Saunders expressed strong reservations about celebrity meme coins, saying:
“I would never touch a celebrity meme coin.”
He compared them to regular meme coins, warning that these projects often concentrate power in the hands of a few, leaving late investors vulnerable to manipulation.
Saunders also characterized meme coins as a “player-versus-player” (PvP) game, where early participants benefit at the expense of others. He cautioned that the longer investors hold onto meme coins, the higher their risk, adding, “The longer you hold, the more likely you’ll get dumped on.”
The Shift to DApps and Fan Engagement
Saunders highlighted the likely increase in celebrity involvement in crypto as regulations become clearer. He pointed out that with more defined rules, especially in the US, the public’s view of blockchain and crypto assets will improve. He said this could lead to what he calls an “arm-in” model, where celebrities use blockchain to deepen fan engagement, moving beyond short-term token launches.
Blockchain technology, according to Saunders, offers celebrities a way to build DApps for more dynamic interactions with fans. He sees celebrities creating DApps that reward fans for sharing content or joining virtual events. Fans can then trade these rewards for exclusive perks such as meet-and-greets, signed memorabilia, or even a cameo in a music video.
Why DApps Might Be the ‘Right Move’
According to Saunders, blockchain technology presents a tremendous opportunity for celebrities to access valuable fan interaction data, far beyond what is available through current Web2 platforms like Instagram or Twitter.
Furthermore, Saunders explained how a celebrity could use a DApp to allow fans to collect points based on their engagement with social media posts, creating a more authentic and rewarding connection between stars and their followers.
“I don’t see any reason right now for a celebrity to launch a token, whether it’s a meme coin or utility-based token, but I do think blockchain technology is going to be eventually widely used by celebrities,” Saunders concluded.
With the rise of DApps, blockchain may soon become a pivotal tool for celebrities to enhance their relationships with their fanbases in ways that are meaningful, transparent, and long-lasting.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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With over 3 years of crypto writing experience, Bena strives to make crypto, blockchain, Web3, and fintech accessible to all. Beyond cryptocurrencies, Bena also enjoys reading books in her spare time.
