Female fans of renowned online figures and celebrities, NFTs according to critics, are at risk of being swept up in the “crypto hustle.”
Celebrities Promoting NFTs Might Be Downplaying The Risks
As shown in a Washington Post investigation, followers of renowned celebrities such as Gwyneth Paltrow and Mila Kunis are in danger of being caught off guard by the business realities of investing in digital currencies.
The story mentions a Zoom call in January, during which both women urged the more than 5,000 women in attendance to get engaged in the crypto sector, which is predominantly controlled by males.
At the time, Paltrow stated:
A lot of these guys have banded together and made a lot of money. We, too, have earned the right to be in this category.
Kunis has also been involved in the digital asset field, co-creating a cartoon series with her husband, Ashton Kutcher that features NFT digital art. Kunis lamented the fact that women are socialized to be “risk-averse,” but she added that she was prepared to take risks to “see what happens.”
According to Washington Post, a CNBC poll taken in 2021 found that about twice as many men as women invest in crypto assets. According to a March survey done by Quinnipiac University, just 43% of women had heard of NFTs, compared to 61% of men.
Adrienne Young, a social media strategist who helps women of color get involved in cryptocurrency, feels that female entrepreneurs are starting to replace the same power structures that have traditionally marginalized women in the crypto industry.
As shown in a statement she gave to The Washington Post,
These initiatives are clearly geared toward White women or women who already have a lot of power. It appeared to be jargon for people to chew on in order to feel good about supporting a project managed by women.
TJ does an incredible breakdown in this thread of what’s happening here. i agree so much and encourage everyone to read: https://t.co/QWiohNUC1j
— paddingtonbear.eth (🧸,🧸) (@adriyoung) February 3, 2022
Other opponents argue that initiatives to get women engaged in crypto asset investing exaggerate the financial benefits while downplaying the risks.
Faith Love, an artist and community manager at MetaMask, explained that catering to women in crypto was “bait” to produce money and economic power for the project’s designers.