Non-Fungible Tokens (NFT): How it Empowers Women

NFT, AN OUTLET FOR WOMEN TO EXPRESS AND ACHIEVE FINANCIAL INDEPENDENCE
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Introduction Non-Fungible Tokens (NFT) are verifiable digital assets with unique attributes and identifies that make them worth. In other words, they are individualized digital commodities that can be exchanged for themselves but not with other assets. Although many female celebrities and artists have shown significant enthusiasm for inviting more women into the web3 movement, it is an area dominated by men. However, it does not mean that females do not have the opportunity to benefit from this new technology. The primary reason NFTs are male-dominated is that the majority of them are likely to try out new technologies. That does not implicate that women are left out, but they just need to be involved in getting them going. In that light, NFT is an outlet for females to express and achieve financial independence, and it is not another "tokenizing" marketing gimmick to exploit them. Women in Technology Despite females playing significant roles in technology revolutions, they get pushed out due to sexism. However, activists want to ensure that they bring sanity to the technology sector by introducing more women to NFTs. Based on the MIT Media Lab, Amazon's artificial intelligence (AI) facial recognition software was found to have challenges identifying darker-skinned and female faces. Initially, women were highly recognized for technologist jobs before the industry was more profitable. Nevertheless, it was not for a long period before male executives took over and established workplace cultures and hiring criteria that sidelined females. On that note, instead of the Internet empowering women, it is based on business structures that reinforce patriarchal norms and masculine biases. Some of the most celebrated females due to their attention to detail and meticulous work in computer programming were Grace Hopper, a Navy whose programming skills contributed to the development of the atomic bombs, and Margaret Hamilton, a leader of the coding team that facilitated Apollo 11's destination to the moon. The perception that significantly contributes to sidelining women in the technology industry is male dominance. For instance, in Silicon Valley, male programmers are more than their female counterparts. When developing numerous software, men are the ones involved in large numbers, which influence the functionalities of those applications in their favor. However, it does not mean that women are not good programmers, and they can use NFT to express and achieve financial independence. Cyberfeminists had good intentions of making the Internet collaborative, abolishing discrimination based on gender, and giving women an environment where they are treated equally to their men counterparts. In addition, they wanted to make a virtual world free from sexist social conditions, rebuild equitable social relationships, and give similar opportunities to all people regardless of their gender. However, just like the dot-com bubble burst, the techno-utopian dreams of cyberfeminists were taken over by misogyny, bigotry, and racism that is present on the web today. In reality, the Internet has become a reflection of the real world, and even anonymity, which was thought to eliminate sexism, has deteriorated things, leading to chastising death threats and bullying. Specifically, cyber feminists were critical thinkers who thought that technology could dissolve gender divisions and promote equality. Today, the NFT can be used in favor of women. The things that were started by cyberfeminists and did not see the light of the day can be made a reality. The techno-utopian expectations can be made a reality using NFT that applies blockchain technology. Nevertheless, it can only become a reality if popular females are ready to introduce others to NFTs. The best thing about NFT is that it does not matter who is the owner of the digital asset, but those interested in it can see its worth. In other words, it neutralizes the Internet by making art to be appreciated for its worth instead of who is behind them. That is the opportunity that females need to re-introduce themselves to the Internet and take their rightful positions, making them achieve financial independence. NFT Projects the Empower Women NFTs have rapidly grown to become the new financial market that bridge the digital and physical worlds. Females should not be left out by this vehicle since they can redeem themselves from sexism and benefit financially. Currently, the NFT market is worth over $40 billion, and by 2025, it is projected to reach $80 billion. In 2020, the international conventional art sales totaled about $50 billion. The most significant thing about NFT marketplaces is that they are more diverse, equitable, accessible, and representative. Rachel Winter is a good example of how women can get involved in NFT. She launched The Remarkable Women NFT, inspired by cultural diversity, fashion, and feminism. Besides, The Remarkable Women is committed to ending different forms of gender inequality⁹. Female artists are focused on showing the world that NFT and Crypto are not only for boys, and their intention is to empower females worldwide. During the first six months of 2021, DappRadar reported that the sale of NFT had reached $2.5 billion, which had increased from $13.7 million in 2020. Although many females might not understand the terms blockchain, Crypto, wallets, and DeFi, they know what art is. As a result, they have a chance to get involved in NFT since it is a profitable industry and makes money in the same way males are doing. If women are introduced well to NFTs, they can benefit financially and become independent. However, they need to get more engaged in this marketplace since, currently, female-identifying artists range from 5% to 15% in the NFT market, which is a multi-billion dollar industry. That is why 30 artists, crypto collectors, and investors, including members of the Pussy Riot, such as Mike Winkleman, World of Women, and Nadya Tolokonnikova, launched an initiative to gather funds. They want to invest in LGBTQ and female artists to ensure wealth distribution. The best thing about NFT is that it is not regulated by the government. Pussy Riot encourages many women to participate in the NFT market to benefit financially. Tolokonnikova made it clear that blockchain technology, NFT, and crypto tools can be used to eradicate sexist power structures. That is why Pussy Riot donates cryptocurrency to female artists and has established an NFT scholarship program that covers the transaction fees for feminists interested in NFT. As such, females should wake up and utilize this NFT opportunity to make money and invite and introduce others to capitalize on the unending opportunities of NFT and cryptocurrency. Risks of Pinkwashing NFTs The primary challenge or risk of celebrity endorsement is that feminist NFT projects mostly target women of extremely privileged backgrounds. Hollywood stars and celebrities, such as Paris Hilton and Resse Witherspoon, have invested in companies or projects promoting NFTs. According to Bob Seeman, the author of "Bitcoin: Unlicensed Gambling," a legal and tech adviser, social media influencers and celebrities have brand power. Nevertheless, they should use it to bring more women from different ethnicities, cultures, races, and regions on board. Mila Kunis is a good example of how females should engage in Crypto and NFTs. Kunis and Ashton Kutcher, her husband, launched a series of a cartoon that uses NFTs. Digital art exploded into a market worth about $25 billion. Kunis said that women must be ready to risk in technology so that they can succeed and probably become financially independent. In addition, Hello Sunshine by Witherspoon partnered with the World of Women to facilitate female equality and inclusivity in the NFT and cryptocurrency world. In July 2021, World of Women was launched and managed to collect about 10,000 artworks from female artists and creators, making it one of the most prominent and profitable NFT purveyors. If that drive by female celebrities and artists to involve women in NFT continues, it will significantly change the lives of females for the better in society today.  Risk of the NFT Bubble Bursting The same bubble burst that happened to cyberfeminists during the dot-com era might repeat itself in the NFT market. In March 2021, an NFT of Jack Dorsey's Twitter was purchased for $2.9 million by an Iranian crypto entrepreneur. However, as of 14 April 2022, the largest bid for that NFT was $6,823.54