a16zCrypto CTO says meme coins are badly impacting the crypto innovation 

Eddy Lazzarin compared meme tokens with casinos of the crypto sector and said that meme token projects are not attractive for crypto builders. 

“A16zCrypto” is Andreessen Horowitz’s cryptocurrency fund, focused on investing in and supporting blockchain projects and startups. It plays a crucial role in driving innovation and fostering adoption within the crypto industry. 

On 24 April 2024, A Crypto enthusiast raised concerns over the surge in the popularity of meme token projects in this innovative sector.

He said that meme coins are causing disillusionment among crypto builders, possibly to a greater extent than the bear market of the past few years.

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Furthermore, he said that he is finding it difficult to understand VCs who think these are beneficial with those who also say they care about the long-term fulfilled promises of crypto.

In response, a16zCrypto CTO Eddy Lazzarin shared his opinion and said that all such meme tokens don’t include any technical level of development and this is the reason why crypto devs & builders don’t show interest in meme crypto projects.

Besides undermining the long-term vision of crypto that has kept so many of us in the space, memecoins aren't very technically interesting.

It shouldn't be a surprise that they're not attractive to builders.

— Eddy Lazzarin (@eddylazzarin) April 24, 2024

Another X (Twitter) user claimed that meme coins are actually getting high-level development support e.g. these tokens are available on multiple crypto networks.

Through a follow-up tweet, a16zCrypto CTO explained that meme tokens are available to only crypto investors and this is like a small-level casino which is available to limited numbers of people. 

Furthermore, he said that he is in the crypto sector to support only those crypto projects which have a long-term development vision.

Interesting to which users? Serving a casino to a relatively small population just isn't exciting. It's probably even net negative if you consider the externalities.

I'm here to build new networks to power a fundamentally more powerful internet. It's just not the same size.

— Eddy Lazzarin (@eddylazzarin) April 24, 2024

All these debates show that the influence of meme tokens is surging rapidly among crypto investors and this is badly impacting the interest around flagship crypto assets, which are better to invest but people are ignoring only to make fast money with small investment. 

Read also: People suggest Bitcoin hater Peter Schiff to adopt Bitcoin to avoid “Bank shut down”

a16zCrypto CTO says meme coins are badly impacting the crypto innovation 

 

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