Conversations

Using the Spirit of Friendship to Bring Gender Diversity and Equity to Web3

by The Luupe

BFF, a new decentralized platform and community, founded by today's most influential creative women and non-binary figures is working to close the gender gap in web3 and beyond.

Over the past few years, with a bump in recent months, web3, NFTs and the Blockchain have been a hot and controversial topic in the tech and creator world.

Some see it as an opportunity to democratize how creative assets are bought and sold. To remove "gatekeepers" and hand control back to artists. Others fear it's a financial pyramid scheme. Many, rightfully so, point to the environmental impact of the technology in its high energy use to mine NFTs. And then, like the larger tech universe, there is the glaring gender and cultural gap with 19% of crypto founders being women.

BFF, a new platform and community started by 50 women and non-binary individuals across industries is looking to change that. Through a range of initiatives, mainly educational, their specific goal is to "help women and non-binary people get educated, connected and financially rewarded in crypto and web3."

Their impressive roster of influential "founding BFFs" includes Gwyneth Paltrow, Mila Kunis, Jade Purple Brown, Maliha Abidi, Tyra Banks among many others. And one of our all-time favorite designers, Jessica Hische, led BFF's brand identity, which was largely responsible for us getting familiar and excited about the project.

In advance of their January 26th online event, The Luupe speaks with co-founder Jaime Schmidt to learn more about their mission to flatten the playing field.

The Luupe: Why do you think NFTs, crypto currencies and the web3 has been exclusionary to women and non-binary folks? Is it a continuation of tech-bro culture or something different?

Jaime Schmidt: A fight for financial empowerment for women is nothing new. These are the same obstacles we’ve been working to overcome for years—glass ceilings, lack of funding going to women startup founders, not enough representation in boardrooms or leadership roles.

On top of that, crypto is generally associated with tech or finance, both of which have been dominated by men. But the reality is that web3 is so much more—culture, community, and art.

BFF founders Brit Morin and Jaime Schmidt

The Luupe: Per the stats on your website, women make up only 19% of the space. How will BFF change that? Do you have a timeline / goals on flipping these scales?

Schmidt: More representation in web3 means increased adoption by the mainstream, which stands to benefit everyone. And with greater participation of women, we’ll start to see an overall shift in women reaping financial gains in other areas of business and their personal lives.

The Luupe: How did your initial launch come about?

Schmidt: My cofounder Brit Morin and I have a shared enthusiasm for the potential of web3 to be an equalizing force for women and other groups. Prior to starting BFF, we’ve both built communities, platforms, or events for enabling underserved people, including education for the crypto curious.

The Luupe: How did you select the initial group of 50 founding leaders?

Schmidt: Our group of founding BFFs came through conversations with our network and an excitement for being involved. We saw the value in having representation across industries and professions, plus an expansive audience to help BFF reach the masses.

The Luupe: One thing that we think is so inspiring about BFF is the focus on collaboration, "friendship," and sharing of wealth. Why is this so important now, and specifically for web3?

Schmidt: We know the value of having friends by our side when jumping into something new. It’s more fun, increases motivation, and provides for a higher level of accountability. We like to say that friends who learn together, earn together.

BFF is looking to build a community where we can be vulnerable, ask questions, and support one another as we navigate the space. One of the coolest parts is that with web3, online friendships have proven to be as fruitful as those IRL.

BFF's logo designed by Jessica Hische

The Luupe: What is BFF doing to ensure the community is also culturally inclusive?

BFF is targeting a global audience, including representation within our founding group. It’s important that nobody feels left out, and we want to help our community build deep friendships across the world.

The Luupe: What are your thoughts on the potential of web3 to close the wealth gap?

While web3 has unlocked opportunities for artists to gain exposure and income, overall this new economy still favors the wealthy. We must work for equal access, and there is a lot of progress to be made here. But as crypto becomes more mainstream and the blockchain matures, certain barriers like gas fees should become less of an obstacle.

The Luupe: Beyond web3's equity imbalance, there's a huge concern for the environmental impact – the energy used to mine transactions...

Schmidt: Validating the network today costs too much energy, period. And while we need to make quantifiable progress here, technology continues to become more efficient. Most chains are already or will soon be using proof of stake rather than proof of work, which significantly diminishes environmental concerns.

The Luupe: BFF's branding, design, and visual thinking, led by one of our favorite designers, Jessica Hische, is stellar. What's inspired you to work with her?

Schmidt: We’ve long admired Jessica’s work and were thrilled when she agreed to join in our mission and help build the perfect aesthetic. For our branding, we wanted something that was colorful and tangible, but with an element of mystery and a nod to the techie side of web3.

BFF branding by Jessica Hische

The Luupe: You have a large history of supporting women founders. How does this + web3 play into your larger portfolio?

Schmidt: My fund Color Capital invests in both consumer and web3. We’re drawn to companies that enable access through widespread distribution to reach the masses. Ultimately, we look for opportunities to help level the playing field for individuals & communities.

The Luupe: Thanks so much for your time. Before we go, care to share one bit of wisdom with our readers?

Schmidt: Similar to the advice I’ve always offered entrepreneurs starting a business: Jump in, and be open to learning as you go. Balance a healthy mix of research with intuition. See every mistake as a learning opportunity. Surround yourself with friends, and enjoy the ride.

ABOUT THE AUTHOR

The Luupe

The Luupe is a one-stop production company that is raising the bar for professional brand imagery on a global scale. With a highly curated and diverse network of professional women and non-binary photo and video creators across 80+ countries around the world, we are reinventing how brands produce original, local, and authentic visual stories that connect with a global audience. Our mission is to champion and amplify diverse perspectives from around the world — in front of and behind the lens.