What they fail to understand is that innovation is a process of novelty search and consequent discovery, not a multiple-choice exam with one right answer. Lex Sokolin, the founder of Generative Ventures and former Global Fintech Co-Head at ConsenSys, explains that despite the billions of value and millions of users, many people are still looking for crypto’s killer use case and wondering if the one-true solution exists at all.
Crypto assets give us digital scarcity and financial abstraction, while decentralized finance has built a banking industry for Web3. The digital property rights system works, and its financial infrastructure has been shown to perform better than the traditional, centralized counterpart. However, the industry still has a lot of work to do in order to create a sustainable financial services system.
Lex Sokolin believes that the machine economy is the next step in the evolution of crypto. AI can generate valuable labor at machine scale, and NFTs can package digital objects for economic supply and demand. Web3 wallets should store AI agents as NFTs, to be deployed only with express permission. Generatives Ventures is a venture fund focused on the theme of the machine economy.