Latashá Alcindor, Head of Community, Zora; Independent Artist 
Jaime Schmidt, Founder, Schmidt’s Naturals; Co-founder, Color Capital, BFF
Moderator: Alexandra Sternlicht, FORTUNE

MPW Next Gen 2022 - Your Decentralized Future Is Here: Web3, NFTs, And The Future Of Crypto

Conferences

Latashá Alcindor, Head of Community, Zora
Jaime Schmidt, Founder, Schmidt’s Naturals; Co-founder, Color Capital, BFF
Moderator: Alexandra Sternlicht, FORTUNE

Most Powerful Women 2022 - Your Decentralized Future Is Here

Most Powerful Women 2022 - Your Decentralized Future Is Here: Web3, NFTs, And The Future Of Crypto

originally Web three technologies like N. F. T. S. Worth that, to support a new world of services. To disrupt the economics of the internet tokens with free recording artists from the dependency of their labels. But now, as crypto winter drops to an arctic level, freeze, how do founders of decentralized companies continue to execute on their value proposition? To discuss the challenges and emerging opportunities? Please welcome Latasha Alcindor or head of community at Zora and an independent artist herself. And Jamie Schmidt, the founder of Schmidt's Natural and co founder of Color Capital and BFF. So the objective of this panel is to talk about Web three and F. T. S. And decentralized finance. But as we've watched F. T. X. Crash and burn with potential legal implications. Um And Fortune 500 are laying off enormous number of employees. It seems like a call for stability um and restoring trust in institutions that are traditional rather than perhaps building new ones. Am I wrong? Can you guys talk about that? Yeah. Hey everyone, Jamie Schmidt founder BFF, anybody in here? BFF holder a chance. All right, a couple. Um We we started BFFs early this year um with the intention of educating around Web three. What does three mean? How is crypto play into that? How our community is important and all this. And what are the opportunities to connect with other people, enhance our career opportunities and potentially make money? Um We started um you know, with with youtube events, welcoming people into the space, just going over the basics lingo, um what what it all means. And so with that We gathered a brown, I don't want to get too deep into what we do, but look at that stage a bit. Um we gathered around 100,000 community members over the last several months. We're just excited to explore and to learn together um given the space now, you know, you mentioned there's some downfalls in crypto and a lot of drama in the last week or so. Um, but nothing has changed about our mission about what we think is the potential of this space. Um new career paths are opening up. We have the black chain, which is at the heart of everything. Cryptocurrency is part of that, but it's not everything. Um, I think right now what we need to focus on as founders of these projects is community building in relation building networking and just understanding the potential in all of this. We're still very, very early. Um and I think some of these, you know, these hiccups are are not in our favor, but they're also part of the process and I think it's really important for communities to understand that things will happen and there will be um, drama, there will be um, founders without the best intentions and there will be scams, right, That's all part of the learning process. And so together we're gonna get over it and we're gonna, you know, come up with opportunities that we think will be the benefit of all of us and, you know, the future of the internet. I completely agree with Jamie. Hi, I'm Latasha, I am founder of Zootopia, Head of Community and also an artist um with the F. T. X. Scam, I realized that one of the most important things to understand is that this is for the long term run. We're making a garden as we speak and with this garden will come some weeds and we're literally witnessing that right now. But the beauty of Web three is that it's much more than just crypto, right? We have an F. T. S. We have cows, we have communities growing throughout the whole space and within Zora, where I'm working right now, we're witnessing communities actually find sovereignty and autonomy and a home for themselves to really grow their economic fields. So I'm really hyped for that. Um so it's hearing guys talk about community and the work that you're doing. You know, we watched Sandbank and freed who is supposed to be the good guy in this world, turn out to be what's looking like a really bad guy as um a lot of companies and individuals will lose their life savings and fold as a result of his mismanagement of F. T. X. In your work. Um where can we look in crypto for a leader and for positivity was so much bad happening with FDX Falling. Yeah. The one thing I'm really excited about with Web three potential that creators are making a name for themselves. People who were under the radar before who never had opportunities are now in the spotlight, whether it's through their work as artists or their work as community builders or new entrepreneurs and there's so much inspiration and so much um goodwill out there amongst these groups and across the communities to and that's where I get really excited is not just within the Communities and files, but so much collaboration. And especially in the recent weeks where there is so much stress and turmoil like communities are coming together and saying like this is not going to define the space, this is not gonna, you know, paint the picture of what the potential web story really is. And so if you're asking, you know where to find these leaders, it's it's in the communities, it's going to the discourse, going to twitter um and find like the people that are leading these projects that are out to actually do good and community is great, but if you're someone with $100 and you're looking to grow what you're looking to invest it, um you know, and you're not an investor who has a lot to spare, why would you invest in a risky asset? Looking at the headlines and seeing this looks like, I might be, it might be a really fast way for my $100 to disappear. I think we're kind of skewing the picture too small, I think we got to look at the bigger picture of this. If someone is interested in investing in web three or N. F. T. S. Or anything of that sort F. T. X. Is not the only space and neither is any of these crypto space is there's so much more to grow. And so if I was an investor who only had $100 I would probably invest it into something that I truly believe in into. Something that really speaks to my heart. Work and stay there for the long term because I know it's going to grow. So I e if there is an artist within the web space that really is building something that's going to shift music or shift where we're going with industry, I'm probably going to invest my money on that because there's a bigger world out there that's going to grow from there. I think it's it's important to know also that in FPs can mean so many different things. There's art just just strictly art, you know, on the on the Blockchain. Um There's access to communities which the two of us are talking about. We both have these large communities of people and you have an N. F. T. Or a token that grants you access to these communities. They're also N. F. T. S. That can be used in the consumer space for example. Um You'll see a lot of brands and I can just announce something this week. Um Where they're N. F. T. S. Will unlock special access as a customer. And so I think it's important to understand that N. F. T. Means many many things. Um You know when you say $100 like that maybe for some if you buy $100 token to unlock access to your community for example. And the relationship that you that you make in their price is right. And so it's a very it's a very personal undertaking in purchase. Say I'd love to open it up to audience questions. Does anyone have anything for a Panelist? One third. Hi I'm Windsor and I work with brands um help them with their gente marketing strategies. Where are the biggest opportunities for consumer brands with N. F. T. S in particular. I'd love I'd love to take that. I actually grew a consumer brand um in my past life called smith Natural. And um I see big potential with Web three and N. F. T. S. For consumer brands um namely the opportunity for consumer research. So for example if a brand would offer a token that token grants access to research groups right? Consumer insights groups um Where you're offering feedback on the product before the general public has the opportunity to chime in or its access to maybe an exclusive event or limited edition products that only you as the holder can gain access to. Um I think loyalty programs are the obvious answer to think about Starbucks example. Um And the cool thing is like a lot of people say, okay well this already existing Web two right? I already have this loyalty program like how is this different? Um The key is that it's something that you can buy and sell and so if you have ownership of this token and you have these access to these brands when you grow tired of it or no longer fits your lifestyle then you go and sell it. So there's value in that in itself. And so the potential across consumer I think is really really huge and you know we've only just begun to scratch the surface there. I'd also say collaboration key. I think there's a beautiful opportunity for consumer brands and communities and like artists or developers to really collaborate in this take before we didn't really have those opportunities because they were usually gate kept. But now with this open space with decentralization and web three we're really witnessing collaboration between brands and artists really coming 1 to 1. I think also you know something that I think about N. F. T. S. They did seem there was this giant, you know people selling these paintings these N. F. T. S. For you know $70 million that did seem to really um coincide with a very frothy economy and now as we're an economic downturn, where do you see the role of N. F. T. S. Changing and evolving. I can take that over. Um I think what's going to happen now is that we're going to find more math, adoption um Now that the costs are lower to get into web three through music, N. F. T. S. Or R. N. F. T. S. Et cetera. And with options like Zora offering which is a buy now option which usually makes the costs lower for N. F. T. More people are going to be excited to get into it and involved. Um So I think what we're going to witness is different folks coming in. Um And not just the crypto bro average we're gonna witness more by pop communities, more marginalized communities, find the space, decide what they want to do with the space and build something that will benefit more people. And that's why both of our communities were started. Exactly you mentioned $70 million T or whatever. Um that's where a lot of the 50s first came into the picture was like this huge tickets, you know digital collectibles that was an ape or a board punk or whatever. It might be a clipboard punk like or four date. Um We saw the opportunity to change that, right? And just like it doesn't have to be a high ticket item that's like completely like you know not attainable for a lot of people. And so um yeah it was all about access I think for a lot of us um we wanted to make sure that our communities, communities that looked like me and women and everybody really have this opportunity to grow something of their own. It was all about ownership. It was all about control and I think that's still at the ethos of this. So do you think, um that what's happening now will affect equity and inclusion in these spaces? I think it's an opportunity to come together and say we don't tolerate this and it's, but you know, they're they're bad players in every industry, sadly. Um, and the fact that, you know, this is just coming to the surface now. It's just an indicator of like human behavior, you know, and it sucks, but it's more like incentive to show that there are, you know, good, good builders out there with with great intentions and um just more incentive to make a change. Yeah. What I'm hoping is going to highlight the better for people doing things. Um, and really show up for the communities like BFFs like Zootopia that are showing up for the people to really build something that's equitable and carry and have hard work. But understanding reality that there are risks, but as I mentioned earlier, like that's an important part of any new technology is that knowing like yes, there will be risks as leaders and looking at this risk knowing that this risk exists. Um how are you changing your approach to make sure that your communities are scam, free education, education is at the root of it, Making sure that the community understands the risk, making sure that the community understands how they could fall into scams. Um making sure that we're offering as much like education as possible. Um And really diverse education as well. Not just how to mention N. F. T. But what is marketing, what is pushing it, what is you know getting with the right communities etcetera etcetera and understanding the mental health implications of it all to and being realistic like hey like some people in our community might be struggling right now because they're overwhelmed. They're confused, they're personally impacted financially by this. And so just recognizing that like some people might be hurting and just more in front of you know connect with your communities and what do you think the role is of regulators as they continue to come and very fast into uh N. F. T. And D. Five spaces. I mean it's important I think that there's a lot of work to be done and like I feel bad people in that position because it's like you know it's a lot. But yeah I think obviously regulation is going to be key. I think I also think that it's really important that regulation that does come in really regulate on the proper calls. Um Often times when we have regulations, we witness it really limit communities that don't need to be limited and actually benefit communities that don't need to be benefit off of it. So I'm hoping that the regulation that comes in, we're witnessing like actual regulations being played and not like a trump situation and all those kind of things. So, you know, we want to see actual regulation happen and not just the same communities being harmed by it. Are there any other questions from the audience that we can address in the back? Hi Maureen Brown. Um I'm curious from your experience what you've witnessed um in the N. F. T. Space or particularly with consumer brands who have tried to play in this space. I'm very interested in this as well, you know, with our business, but I would love to hear some of the pitfalls maybe like where has it gone wrong as someone who's just kind of trying to understand the market. I don't fully understand like what are the pitfalls and what what do people mess up when entering that space? Yeah, I think one of the pitfalls is lack of collaboration with the community that is already in web three. Oftentimes consumer brands will come in because they're a big name and think that they're going to do well and it doesn't work like that you actually have to consider the community that is already standing there, really connect with the artist community, the developer community that investor community and show that you actually care about what's happening in web three a lot of times I've seen it over and over again where a company will come in there like I have this brilliant N. F. T. And really come in for the cash grab and they don't get it because they didn't connect with the community in the first place. And I think a lot of brands especially last year when there was so much hype and just jumped in too quickly without enough forethought because they wanted to be part of the scene, right? And they were worried about staying competitive. And so I think the bear market is a blessing in that sense is that it forces brands to slow down and really think about what they're offering and to make sure that what they're offering if you're offering an N. F. T. Like what is it providing that otherwise couldn't write without the Blockchain technology. So making sure that you know you're actually offering something special that you know otherwise wouldn't be possible. We're almost out of time. So in closing um I know we have a lot of crypto investors in this community and people who are looking to get involved in crypto with all that's going on. What is the one thing that people should keep in mind to be smart about their investments? I'd say I mean like the obvious like D. Y. O. R. Like do your own research obviously don't you know invest what you can't afford. Um making sure that you know when you're taking advice from people that are people that you trust and just you know, maybe pausing before you click the button and um, and you know, find maybe just a couple of it in terms of like 50 communities, for example, like find a couple that just really feel good and that complement your lifestyle and try not to invest in everything. Yeah, I would totally agree with the sentiment of finding community that is key. I really believe that if I didn't find the communities that I was in today, I wouldn't have been the artist that I am in Web three and now I'm one of the most profitable music artists in Web three, um, which is such an amazing feat just because of the communities that are there. And so find your community, find the people that you connect with and really want to build with and then go from there and start small. Okay, well don't start a crypto exchange. Amazing. Thank you so much for your time. This has been a wonderful conversation. I really appreciate it.