Welcoming women to Web3 at F3STIVAL
During the weekend of July 9th and 10th, F3 Ventures welcomed 1000+ women to Web3 at F3STIVAL, a new iteration of the World Wide Web which incorporates concepts such as decentralization, blockchain technologies and token-based economies. This trailblazing event was organized and led by community members in the developing market of Web3.
As an organization focusing on STEAM fields, F3 Venture feels it is crucial to get involved in discussions of the next biggest developments on the internet. In this case finances, careers and technology were the main topics of discussion, especially in relation to women’s empowerment and financial equity.
Finding opportunities in Web3
Saleha Jaweid from TOPL, a blockchain designed for impact, spoke on the importance of staying connected to the products you’re developing. “Being connected allows you to engage in corporate social responsibility as the products aim to empower each and one of us,” she said.
Jay Jay Chu from 0x had another reason to get involved at this particular time. “Web3 and finance are the future. Finance is currently so complicated. Blockchain tech allows you to take control of your own finances,” said Chu.
This may sound familiar to some, but for those new to Web3, you may be wondering what blockchain technology actually is.
Blockchain is a fancy term for database. A blockchain is a ledger that contains blocks of information. These blocks are linked with codes called cryptographs. This data storage follows a peer-to-peer system that allows information to be published in a public space where no one can remove it, making it transparent, time-stamped and decentralized.
All these usability features are interesting but how does this work with crypto? Liz Daldalian, the operations lead at ConsenSys explained, “Crypto is a digital currency, secure and without an intermediary.”
By buying a cryptocurrency, you can become part of Decentralised Autonomous Organizations (DAO). DAOs function with a peer-to-peer model, meaning that it is not controlled by one entity, giving more freedom and opportunities.
Part of an adoption model
The next big entrepreneur can be one of the women in Web3. The key is people, as Liz Daldalian from ConsenSys explained. “The most valuable asset you can have is your network, this will determine and be equivalent to your net worth,” she said.
Marcella Cage at CryptoMondays explained how adoption models known as S curves work – where the early adopter can get the most profit out of the growing market, compared to those dealing with skepticism – for any new product in tech.
One of the founders of EQ Exchange, Janice Taylor raised the point that “there’s a two-year window before all the value in Web3 is bought.”
Entrepreneurship in Web3
During one of the founder stories talks, Janice Taylor recalled not being familiar with tech at the start of her journey, which started when she would observe students at school. They were always on their phones, which made her wonder how to better serve kids who are interested in tech.
One of her key points was the utility of Web3 to get funding. She explained, “Web3 is for funding. First, you have your development, then your community, and finally you find funding. Blockchain is the foundation on which you can build. One of the most important aspects of financial equity is sharing value. This leads us to the discussion of capitalization tables. When a company’s shares go up or get an IPO, only credited mentors are usually on capitalization tables.”
“Being a woman founder has advantages. You can decide who has shares. If you are an employee, ask to see the capitalization table. Never build in a company where you’re not on the capitalization table. This is the way to reach real financial equity,” said Janice.
Using technology to drive social change
“As a black woman in Web3 it is really important to help pave the way for other persons of colour,” said Ashanti, who along with being Janice’s co-founder at EQ Exchange, is also a Grammy Award-winning singer/songwriter, actor, and author. She recently released her newest non-fungible token (NFT) and is happy to be supporting financial inclusion.
You might still be confused about what NFTs and DAOs are. Think of NFTs as a piece of digital artwork composed by code. This code is a smart contract on the blockchain. It is unique and provides ownership over the artwork, but not the intellectual property unless agreed otherwise by the artist. The process of creating an NFT is known as minting.
NFTs have various usabilities, one of them being fundraising. Like art, these can be auctioned and used to raise money to support social causes and community projects. This is possible due to their key characteristic: immutability, transparency, security plus, speed, and easiness of transactions.
Founding Female-Led Ventures
F3STIVAL also had a pitching session where female founders competed for funding. All ticket fees went into this bursary.
There was a diverse group of women presenting innovating and inspiring projects in Web3. The finalists included Rebecca Jones for Clutch Wallet, Cheryl Liu for Deeper Network, Maria Sutton for Fractional Finance, Shirley Lopez for Metadigm, Tamara Goddard for 400 Drums, Theresa Kennedy for Black History DAO, Susie Wang for Superhero NFT Wards, Heidi Rian for Joytridg, Sam Garcia for Anza Academy and Diane Guo for Metalistings.
The finalist of the pitch competition was Vancouver-based Metalistings, co-founded by Diane Guo, Oscar Guo and Richard Wang. This is a marketplace that is venturing into what metaverse assets can be, including real estate.
We will be hosting an event recap to relive the F3STIVAL on Aug 5th! You can get tickets on our website today and while you’re there take a look at our other networking and workshop opportunities. And don’t forget to follow us on Facebook, Twitter, Instagram and LinkedIn!