Ethereum

NFTs are a “deep invention”, says Ethereum co-founder Joe Lubin

NFTs are a "deep invention", says Ethereum co-founder Joe Lubin

In short

  • Ethereum co-founder and ConsenSys founder and CEO Joe Lubin spoke at Camp Ethereal 2022 last week.
  • He discussed NFTs and their potential impact, calling the technology a “profound invention” that can reshape industries.

Since exploding into the mainstream early last year, NFT have been the hottest thing in crypto. They turned collectibles projects in growing brandsgo home celebrities and athletesand generated $25 billion in trading volume in 2021 alone.

While Ethereum has become by far the largest platform for NFTs, co-founder Joe Lubin said on stage at last week’s Camp Ethereal 2022 conference that he was too busy managing Ethereum software incubator ConsenSys to buy their own NFT collectibles.

“People ask me what I do in Challenge and what NFTs I acquire…I like 12 hours of meetings a day,” he said Decrypt Editor Dan Roberts in a fireside chat. “I read a lot, and play with the occasional trades and people send me stuff, but I’m not very active in the NFT space.”

Although he doesn’t hold big bags of NFT, the founder and CEO of ConsenSys (which funds freelance writing Decrypt), suggested that the creation of the technology will have a huge impact on the world. “NFTs are a profound invention, a profound innovation in computing,” he said, when asked for his views on the technology.

An NFT works like a blockchain-backed receipt, which is typically used to prove ownership of digital items such as artwork, collectibles, and interactive video game items. But as immutable records on a decentralized ledger that don’t require an intermediary, NFTs have the potential to have other real-world uses (like real estate) and disrupt existing industries.

“We are about to turn everything upside down on planet Earth,” Lubin said. “We are about to shift the age of silos into the age of community, and intermediaries are about to become larger, much more valuable and much more efficient.”

Lubin said NFTs are finding their first wide use in entertainment and content as creators use the technology for digital artwork, profile pictures, branded sports and collectibles, and characters. and items in blockchain-powered video games.

But as more industries embrace blockchain and the potential for tokenized assets in the form of NFTs, Lubin believes there’s a lot more disruption ahead. Lubin said he’s “doing what I can to bring as many NFTs and as many disintermediation technologies to life” to produce this potential large-scale change.

“Any company that can see its role as a middleman replaced, improved, made cheaper, made less frictional, made more reliable or more secure, will be subject to disruption if it does not evolve itself,” he said. he declares. noted.

When Roberts teased that Lubin probably wouldn’t change his Twitter profile picture (PFP) to one Bored Ape Yacht Club NFT, Lubin responded by saying he “should feel really good with a PFP” to walk away from his own photo. But the prompt got him talking about the potential of NFTs and other blockchain technologies to fend off current social media giants.

“I really think that PFPs and similar digital constructs are going to allow people or groups or DAOs to essentially liberate their social graph from networks,” Lubin said, “or build their own social graphs and create the graphs much less valuable Facebook social media etc. – so they’re going to have to play ball.

“It’s probably an element in how Web2 turns into metaverse“, he continued, “where the social graph and the digital assets will have to be interoperable and will really belong to the user. It will be a user-centric metaverse.

https://decrypt.co/95061/nfts-are-a-profound-invention-says-ethereum-co-founder-joe-lubin

The best of Decrypt straight to your inbox.

Get the best stories curated daily, weekly highlights and deep dives straight to your inbox.