The much-celebrated World of Women (WoW) NFT project launched its second drop on March 26 this year. WoW is considered one of the most successful women-led projects. Ahead of the pack, the floor price as of March 8 was 7.248 ETH. This potentially gave flippers about 104x if they had initially minted a genesis NFT when the project was first introduced.
Those who already had a genesis WoW in their possession were able to mint their WoWG for free. Come reveal day, some lucky individuals learned they had minted a 1/1 NFT Champion WoWG. The odds for that were 8 out of 22,222. After five days, such an NFT was selling for up to 80 ETH.
These lucky few happened to be in the right place with the right resources at the right time—or had certainly done something right in their past crypto lives.
This scenario highlights the continued problems of opportunity and access. It got me thinking: Is Web3 simply heading down the same path as Web 2.0, where the rich just keep getting richer?
Drivers And Impact Of Wealth Disparity
In her book Plutocrats, journalist and author Chrystia Freeland argues that globalization and technology are fueling rather than closing the global income gap. Despite all the innovation and value that has been created by globalization and technology, it has also driven the rise of the super-rich.
The divide between the haves and have-nots has real and severe consequences on our society. In his TED talk, Richard Wilkinson describes leading a team to create an index with indicators on life expectancy, math and literacy scores, infant mortality, homicides, imprisonments, teenage births, trust, obesity and mental health. They found that this index is strongly correlated to wealth disparity. Essentially, societies with wider wealth gaps are worse off.
Traditional Remedies For Wealth Disparity
The general consensus is that policy is the most direct way to correct the wealth gap. Surveys conducted by Pew Research and the PIIE revealed recommendations around education, taxation, job creation, conditional cash transfers, community wealth and credit availability.
Continue reading: https://www.forbes.com/sites/forbesbusinesscouncil/2022/07/08/3-ways-to-bridge-the-wealth-gap-in-web3/?sh=6ce30f38dd61
Those who already had a genesis WoW in their possession were able to mint their WoWG for free. Come reveal day, some lucky individuals learned they had minted a 1/1 NFT Champion WoWG. The odds for that were 8 out of 22,222. After five days, such an NFT was selling for up to 80 ETH.
These lucky few happened to be in the right place with the right resources at the right time—or had certainly done something right in their past crypto lives.
This scenario highlights the continued problems of opportunity and access. It got me thinking: Is Web3 simply heading down the same path as Web 2.0, where the rich just keep getting richer?
Drivers And Impact Of Wealth Disparity
In her book Plutocrats, journalist and author Chrystia Freeland argues that globalization and technology are fueling rather than closing the global income gap. Despite all the innovation and value that has been created by globalization and technology, it has also driven the rise of the super-rich.
The divide between the haves and have-nots has real and severe consequences on our society. In his TED talk, Richard Wilkinson describes leading a team to create an index with indicators on life expectancy, math and literacy scores, infant mortality, homicides, imprisonments, teenage births, trust, obesity and mental health. They found that this index is strongly correlated to wealth disparity. Essentially, societies with wider wealth gaps are worse off.
Traditional Remedies For Wealth Disparity
The general consensus is that policy is the most direct way to correct the wealth gap. Surveys conducted by Pew Research and the PIIE revealed recommendations around education, taxation, job creation, conditional cash transfers, community wealth and credit availability.
Continue reading: https://www.forbes.com/sites/forbesbusinesscouncil/2022/07/08/3-ways-to-bridge-the-wealth-gap-in-web3/?sh=6ce30f38dd61
