Ethereum Co-Founder Joseph Lubin on NFTs and the Fall of FTX

The dangers of existing financial systems, and what happens after FTX

When asked for his thoughts about the recent fall of FTX, Lubin didn’t shy away from discussing the devastation and pain that it caused. He was also candid in noting the harm that it contributed to the NFT space — both to its image and to the individuals within it.

However, he was also quick to note that existing financial systems are also fraught with problems. “A lot of people have been harmed for millennia by bad centralized systems. You can hide information, you can cheat in so many different ways,” Lubin noted with a head shake. He continued by noting that, while the recent FTX debacle sent ripples throughout Web3, it is beneficial in that it highlights the importance of having decentralized systems. Centralized systems, he argued, are controlled by a single authority, which increases risk. “I’m grateful that it is going to enable us to drive a narrative that really lays out, in stark terms, the value of decentralization,” he said.

Lubin’s sentiments are far from rare in crypto circles. Amanda Cassatt, Founder of Serotonin and Former Chief Marketing Officer at Consensys, made similar statements in a recent article. Ultimately, she argued that centralized crypto companies are no…