NFTs Are a ‘Profound Invention’ Says Joe Lubin  Ethereum Co-Founder

Ethereum co-founder and ConsenSys founder and CEO Joe Lubin spoke last week at Camp Ethereal 2022 about NFTs and their potential impact, calling the technology a "profound invention" that has the potential to reshape industries.

While Ethereum has emerged as by far the most popular platform for NFTs, co-founder Joe Lubin stated on stage at last week's Camp Ethereal 2022 conference that he has been too busy running Ethereum software incubator ConsenSys to buy his own NFT collectibles.

Despite the fact that he is not a heavy NFT collector, the founder and CEO of ConsenSys believes that the technology's development will have a huge impact on the globe.

“NFTs are a profound invention, a profound innovation in computer science,” Lubin said in a statement. ‍

An NFT functions similarly to a blockchain-backed receipt, and is commonly used to prove ownership of digital items such as artwork, collectibles, and interactive video game items. However, because NFTs are immutable records on a decentralized ledger that do not require an intermediary, they have the potential to have additional real-world applications (such as real estate) and disrupt existing industries.‍

“We’re about to turn everything upside down on planet Earth,” said Lubin. “We’re about to flip the age of silos into the age of community, and intermediaries are about to become broad, much more valuable, and much more effective.”

According to Lubin, NFTs are seeing widespread adoption in the entertainment and content industries, where creators are using the technology for digital illustrations, profile pictures, sports and brand 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 will be even more disruption.

“ I am doing what I can to enable as many NFTs and as many disintermediating technologies to come to life” ,said Lubin. “Any business that can see its role as an intermediary replaced, made better, made less expensive, made less frictional, made more trustworthy, or more guaranteed—they are going to be subject to disruption if they don’t evolve themselves.”