Evidence since the FTX/FTT collapse in November 2022 shows no lasting structural reduction in speculative, venture-linked token issuance, even though there was a temporary slump.

1. Short-term pullback, not a lasting shift

• After Terra and FTX imploded in 2022, crypto venture fundraising and token activity fell sharply. Fortune, citing PitchBook, reported that fundraising for crypto VC funds in 2023 was down ~98% vs. 2022 by mid‑year, and that the environment was described by VCs as the hardest they’d ever seen. (inkl.com)
• CoinMarketCap data showed new token listings in early 2023 dropped steeply versus early 2022, as projects “waited out” the bear market. (dlnews.com)
• Major firms such as Sequoia cut the size of their dedicated crypto fund from $585M to $200M in July 2023 after the industry crash, indicating a reset in the pace and size of professional crypto investing. (en.wikipedia.org)

These data support a cyclical downturn right after FTX, but not yet a structural, permanent collapse of VC‑token activity.

2. VC token structures remained central to crypto deals

• A detailed Fortune investigation in June 2023 described how mainstream and crypto‑native VCs had adopted hybrid equity + token‑warrant structures as their standard model in the last cycle, and that despite big losses, “token strategies remain popular among crypto‑focused VCs,” with firms like Dragonfly continuing to do large token‑based deals. (fortune.com)
• In November 2023, Wormhole raised $225M at a $2.5B valuation, explicitly giving investors token warrants instead of traditional equity, underscoring that large, venture‑backed token issuances continued well after FTX. (coinlive.com)
• By late 2024 and 2025, fund‑of‑funds and managers like Accolade had raised new blockchain funds that explicitly target both equity and token investments, signaling renewed institutional appetite for token‑centric venture strategies as markets recovered. (wsj.com)

This shows VCs did not broadly abandon speculative token economics; they adapted but kept tokens at the core of many deals.

3. Overall token issuance exploded rather than structurally shrinking

• CoinGecko data indicate that 710k new tokens appeared in 2022 and ~830k in 2023, and that from January–early April 2024 alone over 540k new tokens were created (~5,300 per day)—putting 2024 on track to exceed 2023’s record. (support.bitrue.com)
• Follow‑up analyses show this trend accelerating into 2025: one report notes about 36,000 new tokens per day and ~1.1M tokens in a single recent month, highlighting a further surge in speculative token minting. (blockchain.news)

These counts include many memecoins and low‑effort tokens, not just VC‑backed projects, but they contradict the idea that the FTX collapse ushered in a regime of materially fewer speculative token launches overall.

4. New infrastructure for public token sales post‑FTX

• In November 2025, Coinbase launched a new platform for public digital token offerings, promising roughly one token sale per month and calling it the first broad opportunity for U.S. users to participate in token sales since the 2017–18 ICO era. (reuters.com)

Rather than marking the end of speculative token issuance, the post‑FTX period has seen major, regulated exchanges re‑enter the primary token‑sale business.

5. Putting it together

• Jason’s prediction was that the FTX/FTT collapse would be “the turning point in all of that token” — i.e., it would structurally curtail speculative, venture‑driven token issuance going forward, not just temporarily cool the market.
• The record shows:
  • A temporary funding winter and slowdown in listings (2023).
  • Continued and sizeable VC deals explicitly structured around future tokens.
  • A massive increase in total token creation by 2024–25, much of it clearly speculative.
  • New primary‑market token‑sale platforms from major regulated players.

Given these developments, the long‑run effect of FTX has not been a sustained, structural reduction in speculative venture‑backed token issuance. The market cycled down and then re‑accelerated with similar—and in aggregate, larger—token‑centric speculation.

Conclusion: the prediction that FTX would be a lasting structural turning point leading to a major, enduring reduction in speculative venture‑backed token issuance is not supported by the subsequent data and trends, so it is best judged wrong.