Welcome! I fell down the Web3 rabbit hole and wanted to share my learnings and thoughts. I love connecting so follow @CryptoJeter on Twitter
Welcome! I fell down the Web3 rabbit hole and wanted to share my learnings and thoughts. I love connecting so follow @CryptoJeter on Twitter
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Thank you for reading this piece. If you LOVE this article, you can send a tip to Cryptojeter.eth (my ETH address)! Follow me on Twitter @CryptoJeter and retweet this post! Feel free to shoot me a DM as I love meeting new folks!
https://twitter.com/CryptoJeter/status/1497669225367883789?s=20&t=Zx0Ie92PQrJVnfm8CuyQMg
Thank you for the support!
***Views are my own***
In the spirit of Black History Month, I would be remiss not to mention the contributions that the Black community has made to drive forward modern technology. Historically, there is an abundance of inventions from Black inventors such as Garrett Morgan’s lightbulb, Mark A. Dean’s colored IBM monitor, Lonnie Johnson’s super soaker and Lisa Gelobter’s contributions to GIFs. These are all products that are widely used and popularized by the masses. These days, the creative content created by Black creators drives Tik Tok, the Twitter content that is posted by “Black Twitter” is widely shared, and cultural interest in Clubhouse was a major driver of the app’s popularity. Not only is the Black community consuming technology but Black founders such as Songe LaRon from Squire, Ruben Harris of Career Karma, and Tope Awotona of Calendly are also creating the products that will be used long into the future.
With the innovative spirit and the cultural steroid that the Black community injects into the technology industry, it is not a surprise that there is a swifter adoption of blockchain and digital assets. A study reports that of the investors, Black Americans are leading the crypto revolution as 23% percent of Black investors own digital assets. This fact is astounding as, at the time of writing, only 100 million people own cryptocurrencies. This shows that Black investors see investing in digital assets as a gateway to wealth creation. Relative to other assets like real estate or startup investing, the barriers to owning digital currencies are greatly reduced. Blockchain technology is trustless, which ultimately means that historical factors which have provided restraints on the ability to create wealth are eliminated.
The adoption of digital assets is a welcome sign that Black people are understanding at scale the importance of building wealth in the community. Historically, there have been attempts to build wealth with thriving economic centers (i.e. Black Wall Street in Tulsa Oklahoma). Unfortunately, many attempts of wealth creation by the community have been decimated by the social actions of the dominant society. Unfortunately, this inability to develop wealth due to historical factors globally has led to the estimation that Black people will have zero wealth by 2053. Today, the median wealth of white families hovers around $188,200, about eight times the median wealth of Black families. However, as a resilient people that have combated much adversity toward securing financial equality, ownership of crypto assets provides a sense of hope, not unlike Harriet’s North Star, Dr. King’s dream, or President Obama’s quest for change.
Much of popular culture has always been driven by the icons of the Black community. Names like Michael Jackson, Prince, Jay-Z, OutKast, and Drake have all influenced the mainstream culture. According to Brandon Buchanan, General partner at Meta4 Capital, “Black people, in particular, are very connected to culture,” Buchanan said. “If you think about the internet and you think about memes, all you have to do is check the vernacular. Check what's happening in culture and music and certainly, Black folks are on the front foot of that”, Buchanan adds. With more and more elements of Web3 coming into the mainstream, one would think that its integration into the culture will inevitably spur the mass adoption of crypto assets. There are already numerous athletes embracing NFTs, such as Tyrese Haliburton who placed a Bored Ape NFT on his sneakers in an NBA game, or LeBron James who is sponsored by Crypto.com.
With the culture creators being able to draw mass interest from the Black community, the community will be more inclined to investigate the feasibility of having crypto in their portfolio. Although every individual has a different risk tolerance, it was suggested by a 2019 Yale study that a reasonable portfolio allocation of crypto assets should range from 4 to 6 percent. Within the entirety of the crypto space, a primary focus for adoption is the ability for ownership and monetization. If the Black community is to drive the success of the Crypto space due to cultural influence, it is imperative that there is an equitable distribution of opportunity to not only invest in the space but build and monetize their creations.
Noting the above, we are seeing the visual acceptance of the reality that the technology industry needs to be more inclusive and equitable than the current Web2 tech scene. In Web3, the percentage of Black tech workers, investors, and founders receiving funding need to increase. With that realization, we are seeing actions being made that suggest progress toward equity is coming. An example of this progression is Ava Labs investing in EONXI, a Web3 focused venture fund founded by two Black men, Sherrard Harrington, and Aaron Wilson. Additionally, Andreessen Horowitz is a primary investor for Brandon Buchanan’s Meta 4 Capital. Moreover, there was an acquisition where Trevor McFrederies’ Brud, was acquired by NFT leader, Dapper Labs. In the space, we also see underrepresented investors using web3 tools to deploy capital, such as Erikan Obotetukudo’s Audacity Fund’s partnership with the
All things considered, crypto is a major innovation that will be used to create financial independence and wealth for many people and it is important that the Black community continues to adopt and invest in the technology, plus contribute to the ecosystem. While the Black community’s cultural influence will be pivotal for the adoption of crypto assets, it is important that the community receives an equitable share of the industry. Additionally, the Black community needs to be trained on the topic so they can be adequately prepared for the future of work according to Cleve Mesidor. Cleve also suggests that the Black community should demand that their employers allow for at least partial payment into their cryptocurrency wallets. As a gateway for generational wealth, I propose the following action items for the Black community to take advantage of this wealth-building opportunity.
Please note that I am not a financial advisor
First, do the research to see if crypto belongs in your portfolio. If you think it does, purchase crypto from a reputable exchange (i.e. Coinbase) and move your crypto to a digital wallet (i.e. Ledger, Exodus).
If you are a researcher, find the patterns that will exist in the market and evangelize your findings to the broader community. Follow the footsteps of Ryan Watkins and share your knowledge that uncovers valuable insights into the industry.
If you are an investor, do your due diligence and see which digital assets you are interested in. The Black community needs your capital to scale Black-founded Web3 projects. Believe it or not, the broader community needs your monetary backed perspective to ensure that companies are working in the best interest of all of the users. Follow the footsteps of Erikan and other investors in the space.
If you are a founder, plain and simple, build. If you have an idea for a crypto project, build it. It is possible to follow the footsteps of Shawn Wilkinson and have your project listed on the biggest exchanges around the world.
The innovative spirit of the Black community will continue to shine and be critically impactful to the world. Happy Black History Month and cheers to the future contributions made by Black people in crypto.
https://twitter.com/CryptoJeter/status/1497669225367883789?s=20&t=Zx0Ie92PQrJVnfm8CuyQMg
Thank you for reading this piece. If you LOVE this article, you can send a tip to Cryptojeter.eth (my ETH address)! Follow me on Twitter @CryptoJeter and retweet this post! Feel free to shoot me a DM as I love meeting new folks!
**********
Sources
Thank you for reading this piece. If you LOVE this article, you can send a tip to Cryptojeter.eth (my ETH address)! Follow me on Twitter @CryptoJeter and retweet this post! Feel free to shoot me a DM as I love meeting new folks!
https://twitter.com/CryptoJeter/status/1497669225367883789?s=20&t=Zx0Ie92PQrJVnfm8CuyQMg
Thank you for the support!
***Views are my own***
In the spirit of Black History Month, I would be remiss not to mention the contributions that the Black community has made to drive forward modern technology. Historically, there is an abundance of inventions from Black inventors such as Garrett Morgan’s lightbulb, Mark A. Dean’s colored IBM monitor, Lonnie Johnson’s super soaker and Lisa Gelobter’s contributions to GIFs. These are all products that are widely used and popularized by the masses. These days, the creative content created by Black creators drives Tik Tok, the Twitter content that is posted by “Black Twitter” is widely shared, and cultural interest in Clubhouse was a major driver of the app’s popularity. Not only is the Black community consuming technology but Black founders such as Songe LaRon from Squire, Ruben Harris of Career Karma, and Tope Awotona of Calendly are also creating the products that will be used long into the future.
With the innovative spirit and the cultural steroid that the Black community injects into the technology industry, it is not a surprise that there is a swifter adoption of blockchain and digital assets. A study reports that of the investors, Black Americans are leading the crypto revolution as 23% percent of Black investors own digital assets. This fact is astounding as, at the time of writing, only 100 million people own cryptocurrencies. This shows that Black investors see investing in digital assets as a gateway to wealth creation. Relative to other assets like real estate or startup investing, the barriers to owning digital currencies are greatly reduced. Blockchain technology is trustless, which ultimately means that historical factors which have provided restraints on the ability to create wealth are eliminated.
The adoption of digital assets is a welcome sign that Black people are understanding at scale the importance of building wealth in the community. Historically, there have been attempts to build wealth with thriving economic centers (i.e. Black Wall Street in Tulsa Oklahoma). Unfortunately, many attempts of wealth creation by the community have been decimated by the social actions of the dominant society. Unfortunately, this inability to develop wealth due to historical factors globally has led to the estimation that Black people will have zero wealth by 2053. Today, the median wealth of white families hovers around $188,200, about eight times the median wealth of Black families. However, as a resilient people that have combated much adversity toward securing financial equality, ownership of crypto assets provides a sense of hope, not unlike Harriet’s North Star, Dr. King’s dream, or President Obama’s quest for change.
Much of popular culture has always been driven by the icons of the Black community. Names like Michael Jackson, Prince, Jay-Z, OutKast, and Drake have all influenced the mainstream culture. According to Brandon Buchanan, General partner at Meta4 Capital, “Black people, in particular, are very connected to culture,” Buchanan said. “If you think about the internet and you think about memes, all you have to do is check the vernacular. Check what's happening in culture and music and certainly, Black folks are on the front foot of that”, Buchanan adds. With more and more elements of Web3 coming into the mainstream, one would think that its integration into the culture will inevitably spur the mass adoption of crypto assets. There are already numerous athletes embracing NFTs, such as Tyrese Haliburton who placed a Bored Ape NFT on his sneakers in an NBA game, or LeBron James who is sponsored by Crypto.com.
With the culture creators being able to draw mass interest from the Black community, the community will be more inclined to investigate the feasibility of having crypto in their portfolio. Although every individual has a different risk tolerance, it was suggested by a 2019 Yale study that a reasonable portfolio allocation of crypto assets should range from 4 to 6 percent. Within the entirety of the crypto space, a primary focus for adoption is the ability for ownership and monetization. If the Black community is to drive the success of the Crypto space due to cultural influence, it is imperative that there is an equitable distribution of opportunity to not only invest in the space but build and monetize their creations.
Noting the above, we are seeing the visual acceptance of the reality that the technology industry needs to be more inclusive and equitable than the current Web2 tech scene. In Web3, the percentage of Black tech workers, investors, and founders receiving funding need to increase. With that realization, we are seeing actions being made that suggest progress toward equity is coming. An example of this progression is Ava Labs investing in EONXI, a Web3 focused venture fund founded by two Black men, Sherrard Harrington, and Aaron Wilson. Additionally, Andreessen Horowitz is a primary investor for Brandon Buchanan’s Meta 4 Capital. Moreover, there was an acquisition where Trevor McFrederies’ Brud, was acquired by NFT leader, Dapper Labs. In the space, we also see underrepresented investors using web3 tools to deploy capital, such as Erikan Obotetukudo’s Audacity Fund’s partnership with the
All things considered, crypto is a major innovation that will be used to create financial independence and wealth for many people and it is important that the Black community continues to adopt and invest in the technology, plus contribute to the ecosystem. While the Black community’s cultural influence will be pivotal for the adoption of crypto assets, it is important that the community receives an equitable share of the industry. Additionally, the Black community needs to be trained on the topic so they can be adequately prepared for the future of work according to Cleve Mesidor. Cleve also suggests that the Black community should demand that their employers allow for at least partial payment into their cryptocurrency wallets. As a gateway for generational wealth, I propose the following action items for the Black community to take advantage of this wealth-building opportunity.
Please note that I am not a financial advisor
First, do the research to see if crypto belongs in your portfolio. If you think it does, purchase crypto from a reputable exchange (i.e. Coinbase) and move your crypto to a digital wallet (i.e. Ledger, Exodus).
If you are a researcher, find the patterns that will exist in the market and evangelize your findings to the broader community. Follow the footsteps of Ryan Watkins and share your knowledge that uncovers valuable insights into the industry.
If you are an investor, do your due diligence and see which digital assets you are interested in. The Black community needs your capital to scale Black-founded Web3 projects. Believe it or not, the broader community needs your monetary backed perspective to ensure that companies are working in the best interest of all of the users. Follow the footsteps of Erikan and other investors in the space.
If you are a founder, plain and simple, build. If you have an idea for a crypto project, build it. It is possible to follow the footsteps of Shawn Wilkinson and have your project listed on the biggest exchanges around the world.
The innovative spirit of the Black community will continue to shine and be critically impactful to the world. Happy Black History Month and cheers to the future contributions made by Black people in crypto.
https://twitter.com/CryptoJeter/status/1497669225367883789?s=20&t=Zx0Ie92PQrJVnfm8CuyQMg
Thank you for reading this piece. If you LOVE this article, you can send a tip to Cryptojeter.eth (my ETH address)! Follow me on Twitter @CryptoJeter and retweet this post! Feel free to shoot me a DM as I love meeting new folks!
**********
Sources
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