The same technology that elites have drawn on to get rid of the need for a labor force to depend on, this same technology has provided, as a collateral or unforeseen development, the ability to redistribute power dynamics between rich and poor. In Web1 (late 90s) we could only READ and get informed from whoever had access to programming languages of the web. With Web2 (2010s) they allowed us to read and WRITE. The incursion of content creation and social media was a concession that allowed big companies to exponentially grow by allowing space for individual expression in exchange for unlimited access to our privacy. Now Web3 not only allows us to read and write but to OWN our content, which constitutes a direct challenge to the big companies, which is why they have ALL embarked on the conquest of the Metaverse to encourage us to use THEIR virtual spaces to continue to own content as they did in Web2. The same thing for the mainstream media. They are longing for Web1 times when they dictated what we could see and talked about, since Web2 social media has represented their downfall and struggle to solidify their unique point of view of events among enlighten population.
But this is also about money… as a matter of fact, it is ALWAYS about money. With the arrival of Web3.0 and blockchain technology, the industry of virtual world development has boomed exponentially in the number of investment opportunities and tangible benefits derived from decentralized networks and full ownership granted to content/art creators. However, this will not necessarily mean a direct impact to Black communities, since Tech is an industry in which Black people are significantly underrepresented. Just in the gaming industry, studies show approximately just 2% of all game developers are people of Black descent, while the demographic of Black players continues to be a huge consumer market segment. Should we indefinitely remain a consumer-based social economic group? These are the numbers that must be highlighted and presented to our community:
- In 2020, 13% of Black households in the U.S. were unbanked which left them financially vulnerable. Unbanked is often synonymous to self-exclusion and off-grid hustling, since you can no longer operate within the system.
- 8 out of 10 Black-owned business fail within the first 18 months. Doing business while Black means navigating innately racist systems which results in finding mainstream funding difficult.
- Venture capital firms usually give their funds to only 1% of the projects presented to them, which means that 99% percent of the time they say NO to ideas, without necessarily meaning that these ideas were not good… and we can presumably guess who gets these essential funds for business to thrive… Exactly, only 2% of the total awarded Venture capital funds in the U.S. go to Black business startups.
- Black-owned businesses with more than one worker constitute only 2 percent of the U.S. total, far below the 13 percent Black share of the U.S. population. The absence of Black-owned businesses is particularly notable in industries such as mining, oil, and gas; utilities; agriculture; and manufacturing. Within the entrepreneurship realm, four industries (accommodation and food service, healthcare and social assistance, transportation and warehousing, and administrative support) have high Black representation, which have left some majority-Black communities with a dearth of retail options and other key services.
- Only 3% of Silicon Valley’s workforce population is Black, and there are just 3 Black CEOs in the Fortune 500 list.
- The diversity data shows that Asian employees made up about 30% of tech workforces in 2019, but Black workers held just 7% of computer worker roles in the U.S. Tech is an industry in which Black people are significantly underrepresented.
- Nearly 47% of Black investors report investing in something they did not fully understand, and some have taken out high-interest loans and/or put collateral to fund their bet.
However, the Black community is the most talented on the planet; in every arena we have been allowed to enter (very few ones without restrictions), we have defeated every opponent, especially in music and sports. But we also know that we have contributed to every technological breakthrough that has occurred in the last two millennia, but the credit has always gone to others, as well as the financial benefits. With the advent of Web3 the rules of the game are going to change.
Once you are convinced that you want to be a part of this, do your due diligence and define your desired goals, team up with the right connections and embrace your throne, embrace your future. As you know, information is power, and this statement has never in history become as real as this 21st century. We can start spoon-feeding you the terminology -and we will surely do to democratize this knowledge- but you have your part to do, especially if you are part of those 6.7 million black workers in U.S. susceptible to lose their job by 2030 due to lack of business structures and strategies adaptation and/or modification. Staying just as we are right now and trying the same hustles will lead us to the same results we have seen in the past decades and centuries; yes, adventure is a challenge, but if not now, when? And if not you, who? The moment you give up is the moment you let someone else win. Embrace your future, let us transform our reality.
Photography: Midhiurney AI ©JJBK studio 2022
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