As I continue to reflect on what 'participation' means in the context of web3 (for example: NFTs), I find myself coming back to the matter of equity.

When I was growing up, most packs of Pokémon cards pretty much cost the same: £2.50 for a 10-pack. The thing is though, you just never knew what you were going to get in that pack. It was random. But you’d always hope for a holographic card, especially if it was rare! This format ultimately served as the basis for trading Pokémon cards.

And it eventually went on to inspire a secondary market — one that is still thriving, even after two decades.

Value is ascribed.. it is not inherent.

This is perhaps most true, in the act of trading. You have something that I deem valuable, and I have something that you deem valuable: let us exchange.

Pokémon cards all had a ‘floor price’ that made them relatively easy for people from most socio-economic backgrounds to get in on (leave some room for exceptions and nuance, please). But the point is that it didn’t cost an arm and a leg. And people were able to enjoy Pokémon in a myriad of contexts; whether it was the anime series, the collectible/trading cards, figurines, or the Nintendo games.

That is what equity looks like.

Ethics should continually appraise an NFTs context: from its pricing and acquisition, to where it’s being listed and who has access—particularly in the early stages. But perhaps most importantly, it’s the dynamics occurring at the smart contract-level: that is what sets the trajectory.

If you can prevent whales (i.e. those with vast amounts of spending power) from owning a majority of an NFTs collection, why wouldn't you? If one or several people hoard significant NFTs from a project, it limits the number of people who get to participate. Exclusivity has its place, for sure; but it cannot be the standard.

Web3 that is siloed, accessible only to the wealthy, and sustained via information asymmetry will never truly garner mainstream appeal.

And web3 is coming, right? It seems inevitable. But see, an inequitable web3 is just another forced existence that people never asked for, and which continually works against them. Food for thought.

NFTs make sense (in part) because Pokémon cards still have people in a frenzy. The truth is that collectibles will always have a place within society; because of their history, and what they represent for people at their own individual levels.

But as we each work on our various projects within the sphere of crypto, blockchains, and web3 — it is good to consider the overarching morality and benefits to building products and services for the masses, and not simply for an elite few.