- Solana’s co-founder criticized meme coins and NFTs, calling them “digital slop” with no fundamental value.
- Industry leaders and users pushed back, citing NFTs as essential to blockchain activity and user engagement.
- Solana maintains high market value despite criticism, with NFTs and meme tokens still driving most network activity.
Solana co-founder Anatoly Yakovenko has openly criticized the two dominant activities on the blockchain—meme coins and non-fungible tokens—calling them “digital slop” and questioning their intrinsic value. His remarks came through a social media post, where he likened these assets to loot boxes in mobile games. According to Yakovenko, just because someone pays a certain amount for an item does not mean it has any fundamental worth.
In his post, Yakovenko drew parallels between meme coins and in-game loot boxes, which are either earned or purchased by players. He highlighted that mobile gamers spend approximately $150 billion annually on such features. He further claimed that platforms like Apple generate minimal revenue from iOS apps without the support of in-game purchases such as loot boxes.
Community Backlash Emerges Over Comments
Yakovenko’s statements have triggered backlash from the broader crypto community. Many users pointed out that Solana’s most active sectors are driven by meme tokens and NFTs. A notable response came from “Beanie,” a known crypto figure, who stated that Solana’s activity would resemble that of Tezos, a less active blockchain, if it lost these features. His remarks reflected concerns over potential impacts on network usage.
Prominent figures within the Web3 and NFT ecosystem also pushed back. Adam Hollander, Chief Marketing Officer of OpenSea, described the co-founder’s take as both disappointing and incorrect. He emphasized that digital ownership, especially transparent and verifiable ownership enabled by NFTs, remains relevant and vital to the ecosystem.
Solana Maintains Strong Market Position Despite Debate
Despite the ongoing controversy, Solana retains a strong position in the market. The blockchain’s native token SOL is valued at around $104 billion, placing it as the sixth-largest cryptocurrency by market capitalization. Meanwhile, Solana continues to attract users largely through the meme coin and NFT sectors, which contribute heavily to its transaction volume and network engagement.
