The way it’s done: Working towards a sustainable future in Web3
What web3 can be, according to Fow3
Speculators and degens have contributed to giving NFTs and web3 a bad name as this “Get rich quick scheme” or “Scam Industry”. We attempt to break down this myth and envision a future where web3 works.
Last year, when I first moved into my apartment, the security guard who showed me in flipped the power switch to turn off the inverter and said, “You should always save the inverter for when you really need it.”
It was my first time owning an inverter, and conserving power for outages Nigerians were accustomed to made perfect sense to me. So, his way became my way. When my sister moved in with me two months later, it became our way: “Switch off the inverter when the power comes on; turn it on when the power goes off.” It didn’t take long before the device went bad.
When a repairman came in to fix the damaged inverter, he explained what we’d been doing wrong. Every time power was restored, the inverter automatically switched to charging mode; there was no need for us to change over.
That day, I learned a valuable lesson: when dealing with new concepts, people often maintain the standards their predecessors and mentors set for them, even when they’re limiting. There are always better ways of doing things.
The Web3 space as it is right now
I got into Web3 at the peak of the Bored Ape and Crypto Punks craze. An NFT that launched for free and another that retailed at 0.08Eth were suddenly worth $100,000, making a bunch of people instant millionaires. It seemed like easy access to the wealth many young people dreamed about.
By the end of 2021, many digital artists had launched their own 10k collection of NFTs, and a frantic search for the new Bored Ape began.
There was no real way to know how successful a collection drop would be; collectors had to be on the lookout for new drops and join countless discussions on Clubhouse and Twitter. Sleep was for the weak; the next big thing could drop at any moment. The media also contributed to the craze when news of Beeple and his $69 million Christie's sale circulated. People eagerly joined the Web3 gold rush and got inducted into the cult of WAGMI. After all, we were all going to make it someday.
I got into Web3 after I helped launch the AfroDroids collection. At the time, I didn’t really understand what I was getting into, and the marketers I worked with didn’t care to explain. They only cared that I helped sell AfroDroids to the world, and I did. I knew the basics—what NFTs were, how to open a metamask wallet, and mint NFTs—but as time passed, it became increasingly important to me to map out my own vision for Web3 in the midst of the madness.
What can web3 be
In his article on why decentralisation matters, Chris Dixon said, “Software is simply the encoding of human thought, and as such has an almost unbounded design space.” This gave me the assurance that I could create the version of Web3 I wanted to see in the world, a Web3 where equity, access, and accountability exist.
I believe in Web3 as a conduit for change. That is why I’m hoping we do not repeat the mistakes of Web2. Mistakes have already been made either through ignorance or inertia, but it is not too late to go back.
How we can get there
Introduce proper education on Web3
Web3 education is much deeper than learning the basics about blockchain wallets and how to mint NFTs. We need to go beyond learning the fundamentals of Web3 to create better systems that properly educate newbies about Web3 and provide them with the resources and best practices they need to succeed in the long run.
Web3 is not a get-rich-quick scheme
Web3 experts often make the mistake of using the promise of instant wealth and luxury to lure friends and family into Web3. By doing so, we set their expectations too high. They may think Web3 is a scam if they do not get rich as promised.
While Web3 may provide a more accessible means to generate wealth, it is more nuanced than buying all the coins in the world and expecting it to triple in value. The promise of Web3 is that anyone can become a shareholder, and not just founders, VCs or early employees at a startup.
You can support the local musician in your area to reach for the stars by buying an NFT of their song so that they can focus on their music, and by holding their token (shares) as they break out, so do you. For instance, if you bought NFT tickets to Afronation in 2021 for $200, if Afronation decides to sell 2022 NFT tickets for $500, you still get to keep your old tickets or sell them to someone else at a profit. Afronation then makes a 10% profit from your sale while launching new, limited tickets for other people to join the community.
Create systems to enforce accountability in crypto
If the entire appeal of the blockchain is its transparency, how come we don’t enforce accountability? Bad actors like Beanie—a man who has scammed countless people of their savings—are allowed back into the Web3 space where they are strategically positioned to scam new entrants into the space. We need to make it harder for such individuals to reintegrate themselves into the Web3 community.
One year after joining Web3, these are just a few of the challenges I’ve faced. I believe the collective crypto community needs to overcome these issues to see massive adoption gains. It is our duty as early adopters to create the equitable space we want to inhabit so more people can join us and help grow the sector.
How Faces of Web3 aims to help
A while ago, at Faces of Web3, we became aware that we were only telling one side of the story, so I made a call out. I wanted to speak to people living with disabilities, and a few responded.
After speaking to wonderful women like Anna, Grace and Sandra and learning how their lives have changed since they became chronically ill and unable to function as able bodied people, Web3 was their reintroduction to society.
Sandra told me that before joining communities in Web3, she had lived as a social pariah since her accident. Although she couldn’t keep her office job, because of NFTs and crypto, she was once again able to assist her husband with living expenses. She could create her art and sell them, people like Sandra reassure me that crypto isn't going anywhere.
Like Dixon said, “Whatever can be dreamt up with the right incentives, can quickly propagate across the Internet.” We believe that soon, the use of crypto will become the norm.
At Faces of Web3, we are creating systems that encourage crypto adoption and teach sustainability. Faces of Web3 wants to help creators build wealth through Web3. We're launching a cohort to teach new entrants about best practices, and the diverse, inclusive and sustainable future of the internet that we see. You can join our cohort to become a part of this new future.
