Source: news.google.com
Men in suits with banker’s bags. Jargon for jargon’s sake. Ninety-eight percent of funding goes to people with a Y chromosome. When it comes to traditional finance, women have not only been left out of the conversation, they’ve been completely written off and excluded. And Silicon Valley has historically and notoriously been a world of tech siblings—a shame, since the industry has been among the fastest-growing and most lucrative for decades, ever since the dot-com boom of the 1990s. The bottom line: major obstacles for women in accumulating wealth and reaching leadership positions.
We hate for history to repeat itself, but unfortunately, we have deja vu. Cryptocurrencies, non-fungible tokens (NFTs), and the metaverse are getting all the attention. And they’re all part of Web3, which is, in short, the next iteration of the Internet. Similar to how social media and e-commerce changed the way we live, work, and shop, Web3 will affect everything from your investment portfolio to your future job prospects, online safety, and more. McKinsey predicts that by 2030, the market value of the metaverse could skyrocket to $5 trillion. However, about 43 percent of men ages 18 to 29 have invested, traded, or used a cryptocurrency, compared to 19 percent of their female peers, according to Pew Research. Of 121 of the world’s top crypto companies, only five included a female founder (opens in a new tab). Even female NFT artists are outnumbered in the space; Research shows that 77 percent of NFT sales go to male creators, with women making up less than 20 percent of the market.
Yes, the industry is moving at a fast pace and, it seems, intentionally confusing. But instead of being left out of this game changer in technology, finance, and art, we’re here to help women learn the basics and understand the risks and rewards. Even if you never buy bitcoin, knowing what it is (and the world around it) has benefits for investors, entrepreneurs, creators, and frankly, anyone with a bank account.
For many companies, moving to Web3 aligns with the marketing golden rule of “meeting your customers where they are.” Savvy millennials and even the savviest Gen-Zers are open to it; so much so, in fact, that Facebook underwent a high-profile rebrand last year. Now called Meta, the tech company has invested $10 billion in its metaverse division, banking on rising crypto bullishness.
But early Web3 developers have been working on cryptography, NFTs, and the metaverse since long before Mark Zuckerberg joined the party. Until recently, most experts expected that augmented reality (AR), virtual reality (VR), and virtual worlds would have to be commonplace before mainstream consumers would get excited about the idea of the spatial web. But after two years of adjusting to Zoom calls, the idea of living in a parallel virtual reality doesn’t seem so far-fetched.
Given this cultural shift, software developers and engineers are creating technology infrastructures to enable true digital ownership. If they do, “buying” a digital item will mean owning it in the same way we do physical items, like clothes, houses, and cars. And that equals a business opportunity.
It’s all very innovative. But when you are an entrepreneur or an employee tasked with making strategic decisions about the allocation of your company’s budget, it is also stressful. “There’s so much innovation all the time,” said Alexa Lombardo, founder and chief strategist at Atomic No. 8, a creative studio for Web3 storytelling. “A lot of companies don’t even know how to look inward and ask, ‘But what are us doing and why? because they are so focused on what the next door neighbor is doing.”
No other designer has fearlessly stepped into the metaverse like Rebecca Minkoff. The founder of her eponymous label and serial investor in women-owned brands often collaborates with NFT marketplace Mavion to launch digital fashion and accessory lines. Here, she offers a meta-career mentoring session.
- A Web3 strategy will require repetitive and consistent communication and messaging – you won’t win people over with the first email or first tweet.
- Strategic partnership is everything. We purposely partnered with companies that already had Web3 audiences. That’s why we partnered with Mavion, because we know we’re talking to a whole new customer and they’re the ones who already have it and are excited about it.
- See it as an opportunity to expand your existing customer base. Our brand has reached the eyes of a whole new, mostly European audience, since our first two launches.
Is now a bad time to invest in cryptocurrencies?
“Women are looking at cryptocurrencies and Web3 as this new mechanism. They’re thinking, Oh, I can be a part of this change. Like, forget about actions, let me focus on Web3says Kat Garcia, co-founder of Cheres, an investment app. But we are (as of our publication date) in a bear market. And just because something’s hot doesn’t mean it’s smart. It is important to know both [traditional stocks and cyber opportunities] because we are still in this transitory space. You need both economies to be able to prosper.” The cryptocurrency market has fallen from a peak from almost $3 trillion in November 2021, to less than $1 trillion at various points this year. Bitcoin, basically the Kleenex or Coca-Cola of cryptocurrencies, lost more than 70 percent of its value (opens in a new tab) in 10 months
Still, a bad market doesn’t necessarily equate to a bad time to invest, and that includes the traditional stock market. Some compare it to a sale at their favorite store. One wealth advisor put it this way: “If LIVELY had a 20 percent off sale on everything in their store right now, I’d be curious. Investing during a bear market is an opportunity to invest when stocks are on sale, especially if you believe those companies or technologies will bounce back in the long run.” Others say that it can also be an opportunity to enter the ground floor. “I think back to when Amazon stock was $6. Like, I’m not going to buy this weird book company that sells books online, but I wish I had! Right?” says Michelle Cordeiro Grant, founder of Lively and a Web3 enthusiast. “This is like our chance to not look back and say, ‘Wow, we missed it.’ This is our chance to say, ‘Let’s get it and get on the roller coaster so that when it starts to slide, we have the tools and the information in terms of what to do next.’
No matter what, don’t even think about investing (either in NFTs or ETFs) unless your basic finances are in order. No emergency fund and not maxing out your 401K? Forget putting your money in the Metaverse.
So you want to work on Web3
These careers will be in demand as a result of the next evolution of the web.
Developers and designers. Companies planning to launch metaverse activations will need an in-house development team or talented independent digital designers to code virtual spaces and avatar wearables.
Marketing professionals. No matter how technology driven, a Web3 initiative cannot exist in a silo; It must be incorporated into a comprehensive marketing strategy.
Community administrators. Think of this “customer service” role less about filing complaints and more about moderating a 24/7 conversation between users and stakeholders. Businesses will need professionals to lead NFT drops, manage community benefits, monitor polls, and keep a pulse on the “vibe.” Brush up on those Discord skills – this platform is by far the most common among NFT projects and crypto startups.
Social media strategists. Instead of running shallow Facebook ads and Instagram carousels to gain likes, Web3 companies are obsessed with finding a smaller, but more loyal, following.
Legal counsel. Yes, companies will have to turn to lawyers to protect themselves from very real regulatory repercussions. The SEC is cracking down on NFT projects and companies that release crypto tokens without disclosing what could be considered, as many argue, unregistered securities. NFTs themselves raise multiple questions about artwork and copyright law. And since the legal concept of “ownership” extends to video game elements, we need the brightest legal brains to help us figure out how exactly that is going to work.
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