Solana co-founder calls NFTs and memecoins ‘digital slop’

Anatoly Yakovenko, the co-founder of the Solana blockchain, has stirred fresh debate in the crypto space after labelling NFTs and memecoins as “digital slop.”

Although Solana continues to thrive due to explosive growth in memecoin activity, Yakovenko’s critique has highlighted a growing divide between ideology and reality in the blockchain world.

Yakovenko questions long-term value

Yakovenko’s controversial comment came during a heated online exchange with Jesse Pollak, the creator of Coinbase’s Base network, on X.

Yakovenko argued that memecoins and NFTs lack intrinsic value, comparing them to loot boxes in mobile games, a mechanic often criticised for encouraging impulsive spending without any guarantee of meaningful reward.

Despite acknowledging that these assets create short-term excitement, Yakovenko insisted their long-term value remains questionable. According to him, their price is driven purely by market speculation, not by any fundamental utility or substance.

While his viewpoint is not new, the timing and tone of his recent post have drawn stronger backlash, particularly because of Solana’s growing dependence on memecoin activity.

Memecoins have powered the recent Solana ecosystem growth

Ironically, memecoins are now central to Solana’s rapid expansion.

According to recent figures from Syndica, memecoins contributed 62% of Solana DApp revenue in June 2025, a new all-time high.

This dominance has increased steadily from around 20% in early 2024.

Low fees and simple token creation processes on Solana have made it easy for anyone to launch a coin.

This accessibility, in turn, has driven heavy on-chain activity and attracted thousands of new users to the network.

Yakovenko admitted that Solana’s current momentum would not have been possible without memecoins.

However, the Solana co-founder likened the situation to Apple’s revenue being partly reliant on mobile apps with loot box mechanics, suggesting that financial success does not always imply substance or sustainability.

The community has reacted with mixed emotions

Many in the crypto community were quick to challenge Yakovenko’s position.

Jesse.base.eth, for instance, defended creator-driven tokens on Base, comparing them to digital art.

He argued that content-based tokens have cultural and creative value, which should not be dismissed simply because their price fluctuates.

Nevertheless, Yakovenko remained unmoved. He warned that the narrative around memecoins and NFTs could mask the financial risks retail investors face, especially when tokens lose value soon after launch.

This concern, he emphasised, is particularly urgent as more users are drawn into speculative cycles without a clear understanding of the underlying risks.

His critics argue that downplaying the role of memecoins ignores their impact on innovation, culture, and user onboarding.

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