The Merits and Demerits of the Celebrity Token Market
Predicting the origins, transition, and prospects of today's hottest markets
Good morning.
This is mitsui from web3researcher.
Today I will be writing about a recent topic of discussion about the celebrity token market.
✨What are Celebrity Tokens?
💢Butelin and others voice criticism
💬Reasons for and prospects for the boom.
✨What are Celebrity Tokens?
Celebrity tokens are, as the name suggests, celebrity meme tokens. It refers to meme coins featuring artists, creators, and other celebrities.
In the past, Friend[...]. tech, Fantasy Top, and other platforms that allow NFT sales linked to X accounts have often exploded, but this is a token version of that.
For example, one token that is credited with sparking the celebrity token movement is the $MOTHER token, founded by rapper Iggy Azalea.
Iggy Azalea is an Australian rapper, singer-songwriter and model.
The band released its debut studio album, Re Classified (English version), in 2014. The album reached the top five of music charts worldwide and received mixed reactions from critics. The single "Fancy feat. Charlie XCX" from the album topped the Billboard Hot 100 for seven consecutive weeks, making her the fourth female rapper to top the chart. She also became the fourth female rapper to top the chart since the Beatles, when Ariana Grande's single "Problem" debuted at No. 2, making her the first female rapper since the Beatles to have two singles by the same artist reach No. 1 and No. 2 in the same week. She also broke Lil' Kim's record for the most consecutive No. 1 singles by a female rapper.(Wikipedia)
With 7,682,000 followers on X, he is truly a global star.
Such $MOTHER issued by Iggy Azalea currently boasts a market capitalization approaching $200 million and is soaring.
One of the factors behind this rapid rise was the fact that Iggy Azalea herself was serious about the token issue, actively promoting it and building a dedicated community.
Starting with this spike, tokens such as $JENNER (Caitlyn Jenner), $RICH (Rich the Kid), $ZACK (Edward Constantine), $TRUMP (MAGA), and $DAVIDO (David) were issued in rapid succession.
At the moment there are 28.22 million transactions conducted in 24 hours, with a turnover of $58.59 million.
💢Buterin and others voice criticism.
On the other hand, there are some criticisms of celebrity tokens.
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