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Are celebrity tokens good or bad for Web3? Executives Speak Out — TradingView News
As the cryptocurrency market searches for a new narrative to spur growth, celebrity-backed token projects have emerged, sparking a trend that has drawn mixed reactions from seasoned cryptocurrency enthusiasts regarding this new wave of memecoins.
While some argue that celebrity tokens can attract new users to cryptocurrencies, others believe that their speculative nature could mislead consumers about the true value of blockchain.
Celebrity memecoins can welcome new users
Those who support celebrity tokens see them as an effective gateway to cryptocurrency. Only Ceesay, co-founder and CEO of social wallet Calaxy, believes these tokens can make cryptocurrencies more accessible to more people. Ceesay said:
“I think celebrity tokens could be extremely valuable to the industry, just like generic memecoins, because they represent the easiest access to cryptocurrency for most consumers.”
Ceesay argued that leveraging the appearance of well-known figures makes it easier to attract new users than the complex proposition of Web3’s potential.
Ceesay is optimistic about the future of celebrity tokens, suggesting they could evolve into a significant asset class. “Over time, I expect celebrity coins to solidify themselves as a significant asset class if genuine strategies and use cases are deployed against them,” she added.
Meanwhile, KuCoin representatives told Cointelegraph that while celebrity tokens may play a role in user onboarding, investors should still exercise caution. They explained:
“Celebrity tokens can be a gateway into cryptocurrencies for new users, mainly due to their lower entry points. However, their balance of hype and utility can lead to potential risks.”
Representatives also highlighted that, as with all forms of investment, KuCoin encourages investors to “DYOR” or “Do Your Own Research,” a common phrase in the crypto community. Furthermore, the KuCoin team stated that it has maintained a neutral stance on meme tokens. .