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Solana Co-Founder Questions Value of NFTs and Memecoins Despite Their Popularity
In a recent statement, Anatoly Yakovenko, co-founder of Solana, sparked controversy by dismissing the value of non-fungible tokens (NFTs) and memecoins as “digital slop” without inherent worth. This assertion is particularly perplexing considering the staggering revenue these digital assets generate for the Solana ecosystem.
Yakovenko’s stance has been met with vehement criticism from the crypto community, which is taken aback by his sudden disavowal of NFTs and memecoins despite their immense popularity. The co-founder’s long-standing position on this matter only adds fuel to the firestorm surrounding his comments.
It appears that Yakovenko’s argument relies heavily on a comparison between Solana memeoins and predatory loot boxes in free mobile games. He likened the two, stating that both are exploitative in nature, as they derive their value solely from market-driven price discovery. This analogy has been swiftly rebuked by critics who point out that this parallel highlights exploitative mechanics, which have garnered regulatory scrutiny in countries like Australia and Germany.
The co-founder’s remarks have also been met with accusations of hypocrisy, given the blockchain’s substantial reliance on memecoins for revenue generation. According to blockchain analytics firm Syndica, Solana’s decentralized application (dApp) revenue skyrocketed by 62% in June solely due to these digital assets. Yakovenko’s own words, shared earlier this year, even acknowledged the value of NFTs and memecoins in the context of their market-driven price discovery.
The backlash against Yakovenko’s statements has brought attention to the existential question he posed: Can foundational networks ethically profit from assets their creators deem worthless?
Source: crypto-economy.com
