Web3: A catalyst for economic empowerment for young women

In the digital age, where opportunities seem to stretch as far as the imagination, young women often find themselves tethered to traditional systems that limit their potential. While technology has revolutionised many aspects of our lives, it has also reinforced existing inequalities. However, a new dawn is breaking: Web3. This decentralised ecosystem, powered by the transformative force of blockchain technology, offers a unique chance for women to break free from these limitations and forge their own paths to economic empowerment.

Web3 is more than just a new technology; it’s a paradigm shift. Unlike traditional systems that are centralised and controlled by intermediaries, Web3 is decentralised, meaning power and control are distributed among its users. This decentralisation has profound implications for women, who have historically been marginalised in traditional financial systems. By eliminating intermediaries, Web3 provides women with direct access to financial services, enabling them to take control of their own economic futures.

“By eliminating intermediaries, Web3 provides women with direct access to financial services, enabling them to take control of their own economic futures.”

Web3 can help young women in the following ways:

Financial inclusion: Web3 systems, with their Decentralised Finance (DeFi) solutions, liberate young women from the constraints of traditional financial systems. They can now borrow, save, and invest money without needing a bank account or credit history, gaining the freedom and independence they deserve. This empowerment can be a game-changer for young women in underbanked regions, offering them a path to economic stability and self-reliance.

New career opportunities: The growth of Web3 is leading to new industries and professions, such as blockchain development, NFT art, content production, and decentralised governance. By taking advantage of these chances, young women can acquire high-demand skills worldwide. Since the Web3 field is still in its infancy, traditional educational pathways are less prevalent, and skills are prioritised more, which enables young women to avoid some institutional biases they could encounter in other industries.

Entrepreneurship opportunities: Web3 opens up new business opportunities. On blockchain platforms, young women can start their own companies and reach a worldwide clientele by utilising decentralised markets and smart contracts. As a result, they may gain control over their professions and financial freedom.

Digital assets and ownership: Web3 allows people to control their digital assets and creativity, unlike traditional internet models where platforms own user data and make money from it. This implies that young women can produce, market, and retain intellectual property ownership, including writing, art, digital goods, and non-fungible tokens, or NFT. They can do so directly to a worldwide consumer base. For women, especially those living in areas with limited access to traditional work, the capacity to create and monetise personal brands without the involvement of intermediaries is revolutionary. This has the potential to be an effective instrument for earning money and expressing creativity.

Global access and collaboration: Web3’s international nature is among its most potent features. Young women can engage in the global economy by working remotely, supporting decentralised organisations, and cooperating with peers from other nations worldwide. Their access to a worldwide network expands their chances and exposes them to various viewpoints that can hasten their professional development, fostering a sense of connection and global citizenship.

Financial literacy and empowerment: Youth interacting with DeFi, cryptocurrency, and decentralised systems inherently become financially literate. By learning how to manage assets, navigate decentralised networks, and generate passive income through lending or staking, they make better financial decisions and increase their long-term economic power. This knowledge can instill confidence and a sense of control over their financial future.

As Web3 continues to evolve, so too will the opportunities it offers for young women. This nascent technology is fertile ground for innovation and growth, and women are uniquely positioned to capitalise on its potential. By embracing Web3, women can become pioneers in a digital revolution that promises to reshape our world.

The future of Web3 is in our hands. Let us work together to create a future where women are empowered, connected, and financially secure. By investing in education, training, and mentorship programs, we can equip women with the skills and knowledge they need to thrive in this new digital landscape. Let us break down barriers, challenge stereotypes, and foster a supportive environment where women can reach their full potential.

Together, we can harness the power of Web3 to build a more equitable, inclusive, and prosperous world for all.

Sarah Idahosa, founder of Women in DeFi.