The Fall of FTX and the Rise of Web3 Buidlers
21 Dec 2022
21 Dec 2022
Whether Bankman-Fried’s bankruptcy filing is founded in a legitimate reason or not, this event has created a ripple effect that undermines the honest business endeavors of other web3 companies. Web3, as a relatively new phenomenon, is still in the process of acquiring trust and reliability, and this large-scale collapse creates a whole new level of suspicion in the web3 community and beyond. It might take years to completely recover trust in web3 and blockchain. However, real web3 buidlers remain unphased, moving forward toward new decentralized horizons that have the potential to build a new level of trust. Web3 needs its heroes now more than ever before.
When we talk about heroes, we mean entrepreneurs who are sincerely invested in the future of web3. They are passionate about blockchain technology and the future it is bringing to users worldwide. They support and integrate web3 processes and mechanisms that empower their audiences to earn, keep their identities and funds safe, and more.
The opportunities that blockchain unveils for users are, in our human understanding, infinite. They generally focus on benefiting the user rather than a central brand or service provider. We see community-governed ecosystems, Play-to-Earn and Play-to-Own games that might serve as a sole source of income for players, NFT assets that grow in value, the list goes on. There is so much yet-unknown potential in blockchain, and one disaster is not going to wipe it out. We see the future web3 space built by passionate technology enthusiasts who are diligent enough to continue doing their business honestly, even if a few other companies fail to comply with high industry standards and the code of ethics.
On the bright side, the new web3 age we see coming means a larger shift toward decentralization. More crypto holders are choosing non-custodial wallets over custodial key storage in order to have full control over their crypto assets, and we are about to see the rise of new DeFi products that provide solutions to create a more secure blockchain future for everyone.
Is this a silver lining of this disaster? We believe so. A move towards higher levels of decentralization and user autonomy will strengthen the industry and pave the way for the realization of the decentralized dream. Disasters in any industry of worth should be followed by an age of enlightenment to introduce fresh ideas that will make the industry as a whole safer and more accessible to a wider audience. And we are already seeing new products emerge that push the limits of the imagination to solve weak points in the system.
Web3 is in the stage of cleansing from impostures and fraudsters to give space for companies that are “the real deal.” 42 Studio chooses to work only with companies led by people who aim to reimagine the internet we know today and make it better, safer, and more user-oriented. We are careful, and you should be as well. We’ll stand by web3 and its breakthrough philosophy to open more possibilities and opportunities to people. We help the most promising brands succeed because we believe in companies with strong business ethics and positive global impacts. As every phenomenon, blockchain and web3 evolve, and by eliminating weak points that every crisis exposes, like in the case of FTX, we approach a new era with its cherished heroes who push the industry forward.