Memecoins, NFTs Get Called Out By Their Own Architect: ‘Zero Intrinsic Value’

Solana Labs CEO Anatoly Yakovenko stirred up heat this week by calling memecoins and NFTs “digital slop” with no real value. He made the remark on X as part of a back‑and‑forth with Base creator Jesse Pollak.

Yakovenko compared these tokens to loot boxes in free‑to‑play mobile games. His blunt take has drawn both praise and criticism from across the crypto world.

Yakovenko said he’s held this view since at least January 2024. He argued that the price people pay is all that gives these tokens any worth.

Pollak shot back, saying that the content itself—like a painting hanging in a museum—carries its own value, no matter what you charge to see it.

The debate has put a spotlight on how far Solana’s growth relies on the very things its leader dismisses.

I’ve said this for years. Memecoins and NFTs are digital slop and have no intrinsic value. Like a mobile game loot box. People spend $150b a year on mobile gaming.

— toly (@aeyakovenko) July 27, 2025

According to Solana‑focused infrastructure firm Syndica, memecoins made up 62% of the network’s decentralized app revenue in June. That figure helped push Solana’s take to about $1.6 billion in the first half of 2025.

Big chunks of that money came from Pump.fun’s launchpad and PumpSwap’s DEX aggregator. Yet Yakovenko said Apple’s loot boxes drive revenue for the App Store in much the same way—profitable but seen by many as exploitative.

the content itself is valuable. ads are a way to monetize that value. but the content itself is valuable. just like a painting is fundamentally valuable, regardless of whether you charge people at the museum to see it.

— jesse.base.eth (@jessepollak) July 27, 2025

Critics have been quick to call him out. X user “Caps,” who writes for Flaunch, accused Yakovenko of mocking his own user base.

Another commentator, Karbon, said he finds this stance “distasteful,” pointing out that Yakovenko promotes memecoins all the time, even while claiming they’re worthless.

The clash has fans and skeptics debating whether it’s fair to scorn a market that’s so clearly feeding Solana’s growth.

Meanwhile, a rival memecoin launchpad called LetBonk has been eating into Pump.fun’s lead. At various points, LetBonk even topped Pump.fun in 24‑hour revenue.

This shows that users are ready to chase the next big token wherever it pops up. For Solana, it means more money in the short run but also more risk of instability if the hype shifts elsewhere.

Featured image from iDrop News, chart from TradingView