Orawan Limnalong is the founder of MUS Labs.
Ask any Web3 founder how they would describe the industry, and you’ll probably get this answer: it’s fast. Whether they’re looking for the next blue chip on the investor side or locating the most productive mint strategy on the manufacturers’ side, everyone is tired.
For me, this unsustainable speed is a symptom of a deeper problem, as is the ever-growing Web3 wealth hole I talked about in my previous article. My theory is that at the core of the ever-active culture related to non-fungible tokens is a diversity, equity, and inclusion (DCI) issue.
It is not unusual for human beings to need more of their lives. Whether through festivals or collaborations, many are still in search of this ever-elusive upward social mobility. Web2 has allowed other people to become authors, which has allowed many to climb a few rungs. on the social scale. Ironically, the same platforms that built the Web2 author ecosystem have consolidated their strength to the point that now very few can transition from middle elegance to elite. YouTube, for example, takes 45% of authors. ad revenue, according to Business Insider. Therefore, many have pinned their hopes on decentralization. There are many opportunities to get it right with Web3.
But there’s a lot we still do with Web3. And as a result, everyone is polishing it.
The paradox of meritocracy
In an article published through Princeton University Press, he argues that we live in the ghost that it is enough to paint hard and apply ourselves to get there and that we do not take into account “the fortuitous providence of external events. “He continues: “A framework of developing studies in psychology and neuroscience suggests that believing in meritocracy makes other people more selfish, less self-critical, and even more likely to act in discriminatory ways. “
Daniel Markovits, a professor at Yale Law School, argues that meritocracy has caused more inequality rather than getting rid of it.
So here we are creating systems that praise hard work and skill (alone), only to find that they make things worse. No wonder so many other people in the Web3 area work twice without seeing the desired results.
The paradox of anonymity
In 2014, Harvard University sued for allegedly discriminating against Asian-American applicants through its race-based admissions policy. The plaintiffs sought to “prohibit Harvard and other schools from considering, or even knowing, the race of their candidates. “
What turns out has not been taken into account are the barriers faced by disadvantaged minorities that exacerbate them when only objective measures such as AAS and extracurricular activities for admission are taken into account. In a podcast for the American Civil Liberties Union, Jin Hee Lee, senior deputy director of litigation for the NAACP’s Legal Defense and Education Fund, warned that without affirmative action, the result would be a less varied student population. In 2019, a district court ruled in favor of Harvard’s policy.
On Web3, where other people can hide their public wallet address, this can be a barrier to inclusion. We will have to be aware that we do not lose this human detail and do not hide things that are an integral component of our identities.
If meritocracy and anonymity are the answer to DCI’s problems, what is it?
Rethinking creation
In the metaverse, the resources needed to create virtual assets are different. You want ideas, talents, relationships, and time. A virtual asset can experiment and generate profits after it is created. The cake gets bigger as it appears.
This is precisely what some creators want and why we want to reconsider price creation. Web3 enables creators to build brands by combining other talented and passionate people to achieve something impactful and create sustainable assignments with engaged communities. One of the assignments that remains for me to do just that is the task of Shinsei Galverse. Even after the sale, this continues. In fact, the traction is even stronger, as the task is covered through various news outlets in Japan. The founders have also reached out to other creators of iconic intellectual assets beyond the Web3 world. Most importantly, the task network is very compromised. In my opinion, sustainability is one of the most productive tactics for measuring price, but it all starts with non-traditional resources.
Change the incentive program for Web builders3
In the e-book Why Nations Fail, the authors talk about the importance of creating systems that praise work and talent. By offering incentives, we can leverage people’s skills and efforts and foster innovation.
I think what’s happened in the fashion society is that we’ve pointed to an incredibly narrow way of valuing the time we spend on our work. As the most sensible thing about this Ezra Klein Show podcast says: “Money is corrosive to other values. Thus, the kinds of bureaucracy of esteem and prestige that existed in many other dimensions are all fed through the amount paid through someone.
In my opinion, Web3 wants similar comprehensive payment structures. Instead of focusing on the aspect of raising capital by authors or the lucrative turn by collectors, we want to think about the non-monetary price we can derive from our participation in an NFT project. I think the deep relationships you build through a release are what really matter. Since Web3 is presented as the property economy, the barriers between the author and the collector are blurring. With the mindset of being a co-author, you work towards a common goal and money becomes secondary. Vision comes first.
One NFT task that caught my attention for effectively creating this type of ecosystem is 9GAG’s Memeland task. 9GAG’s experience in creating network content, albeit with web2 starts, shines through and is displayed through its hyperactive network. People seem to be there only for NFT, tokens or products, but for creators. In fact, the task of the assignment is to “empower creators by connecting the Web2 and Web3 communities. “This vision is helping 9GAG naturally drive the adoption of new technologies only with its network still with the world.
Final Thoughts
I will never tire of discussing the importance of diversity, equity and inclusion. Web3 is at an early stage, so the foundations are still very malleable. are in a bear market, I hope founders and investors will take this time to reevaluate things and build better.
Forbes Business Council is the leading organization in expansion and networking for businesses and executives. Am I eligible?