Skip to main content

How Web3 and Bitcoin Billionaires Will Revolutionize Philanthropy

How many cryptocurrency billionaires can we expect? At Consensus 2022 in Austin, Texas, Rhys Lindmark, CEO of Roote, a nonprofit startup studio, provided a solution to this query.

If bitcoin reaches $200,000, he predicted that 20% of all billionaires will be cryptocurrency billionaires by 2025 or 2030. Further analysis reveals that would create 400 BTC billionaires and 200 ETH billionaires globally. From the current estimate of 19 crypto billionaires, that is a significant increase.


Additionally, technological advancement creates philanthropists in the same way that it creates a new generation of wealthy elites. Whether mankind is able to appropriately handle its existential problems may depend on how the crypto generation uses their wealth.


The Chan Zuckerberg Initiative, Schmidt Futures, and the Bill & Melinda Gates Foundation are three enormous organisations that raise money for deserving causes and were all created by Web2. Web3, another significant "wealth creation event," is attracting its own set of charitable organisations, such as the FTX Future Fund, which has committed to giving $100 million this year.


According to Lindmark, the concept of "SquadWealth," or what happens when communities are able to unify behind new financial incentives, is what distinguishes Web2 from Web3. This is important for both charity and capital formation, which includes starting new ventures.


The installation period is still active for Web 3. What effect is it having on society today?

This can be divided into three groups:


Value creation: Impacts of Web 3.

Excess capital: philanthropy and Web 3

SquadWealth: collaborative ecosystems in Web 3


Value creation: Impacts of Web 3

First, by examining the mission statements of tech companies, we may comprehend the effects of Web 2:

Microsoft: A computer at every desk and in home too.

Google: To compile the world's knowledge and make it widely usable and accessible

Facebook: To increase global connectivity and openness.

Amazon: Customers may locate and learn about everything they might wish to purchase on it.


But with Web 3, the emphasis on mission statements is financial rather than informational:


Coinbase: To improve global economic freedom.

OpenSea: Building an open digital economy with OpenSea.

FTX: A cryptocurrency exchange designed by traders.

A globalized digital economy will be one of Web 3's first effects.


Excess capital: philanthropy and Web 3

A number of "conventional" foundations, including the

Bill and Melinda Gates Foundation, were born from Web 2.
Schmidt Futures
Chan-Zuckerberg Project
Foundation for MacKenzie Scott.
Open-minded Philanthropy
Web 3 is developing in an odder way.
For longevity research, Brian Armstrong is providing $100 million. The FTX Future Fund was launched by SBF, which doubled the amount of money invested in long-term thinking. Additionally, he donated more than $10 million to Oregon politician Carrick Flynn, who is an effective altruist. (This is more funding than any other House contender received.)

SquadWealth: collaborative ecosystems in Web 3


Finally, we can consider how money is created in the long tail.
This mostly appeared as AngelList syndicates and angel investor networks on the Web 2. Early employees who make tens of millions of dollars when they leave the company reinvest their earnings in technology.
This goes even further in Web 3. NFT degens and crypto VCs participate in every round as a community. With the Web 3-native version of syndicates, Syndicate DAO—a here's link to the first 100 investors—this will be greatly enhanced. Community fundraising is done using cryptocurrencies.


The World is being eaten by software. Crypto helps moves that procedure. Web 3 will be our swimming pool by 2040, filled with crypto whales, billionaire minnows, and the rest of us tiny krill.

Comments

Popular posts from this blog

Starbucks Teases Web3 Updates to Its Well-Known Rewards Program

To better engage customers, the global coffee firm is looking to digital collectibles Starbucks CEO Howard Schultz stated that Web3 will play a role in the future of the famous rewards programme. During the company's third-quarter 2022 earnings call on Tuesday, Schultz stated, "We've been working on a really fascinating new digital effort that extends on our existing industry-leading digital platform in inventive new ways, all focused on coffee and—most importantly—loyalty." According to Schultz, the new digital project will be unveiled on September 13 during the company's annual Investor Day event in Seattle. Starbucks will be able to expand on its present rewards engagement model while also introducing new techniques of emotionally connecting customers, according to Schultz, While giving a wider variety of awards and strengthening its "digital third place community" strategy. The term 'third place' refers to a community space located between ho...

Together with Solana, Polygon is bringing Web3 to smartphones.

To provide NFTs on its new phone, tech firm Nothing has partnered with the Polygon network Together with Solana, polygon brings web3 Smart Phones. Polygon is tool for Ethereum scaling. For its new Android-based Nothing Phone, Nothing has partnered with the Polygon network to deliver non-fungible tokens (NFTs) (1). The NFT Project, also known as "Nothing Community Dots," works by airdropping tokens to Nothing community investors. These tokens allow investors to access benefits like first access to new goods and events. Invitations to Nothing Phone (1)'s debut on July 12 in London are some of the initial perks. It was "very encouraging to see an innovator like Nothing embrace Web3 from the get-go, enabling direct access to Web3 by collaborating with Polygon," said Sandeep Nailwal, co-founder of Polygon.

A Croatian Web3 firm provides NFTs with lifelong Netflix and Spotify subscriptions

Buyers would receive a digital debit card in addition to the subscription-based unique NFT, which has a cap of 10,000, and use it to pay for their membership. Developer of Web3 subscription and ticketing solutions Revuto debuted a ground-breaking Netflix and Spotify subscription strategy on Friday using a nonfungible token (NFT) method. Through its Revolution NFT, Revuto announced that it would provide a lifetime digital subscription to Netflix and Spotify. The customised subscription model would be available to a total of 10,000 users. The head of business development at Revuto, Dino Ivankovic, described how these NFTs with subscription models could develop into a different ecology. To Cointelegraph, he said: "We want to give users more discretion. By distributing or selling unused memberships to people who would utilise them, individuals will be able to make money utilising NFT technology. In the future, users may even be able to rent it." The ability to trade these subscri...