Tokenization
As data enthusiasts, we’re excited about the possibilities that exist with data in Web3 and we want to create an entry point to this space for our members. Which is why Women in Data decided to harness the power of our community and fully embrace this new and emerging technology.
The team here at WiD began to wonder how we have all witnessed some amazing communities being built in Web3 and around NFT collections, but what if we build an NFT collection around an existing community?
Enter tokenization. Tokenization is essentially the process of replacing sensitive data with a token. So instead of the data being shared, it is recognized as a token. Tokens have become more popular with the introduction of non-fungible tokens (NFTs).
Some are critical of NFTs for essentially being an over-hyped scam. We believe some of this skepticism is coming from the lack of awareness in this space. But we also believe we need to think of NFTs differently. To date, many have used NFTs as a way to make money while others are using it as a way to create and showcase art. While it may seem like NFTs are simply digital trading cards that people are collecting, they can also represent so much more.
What many see as an NFT is only the visual representation of the actual token. The token itself represents the data you submitted - it is a transactional value, while the visual can represent your beliefs, what interests you, what you support, etc. In Web2, we experienced the transformative role of social media. We think NFTs are playing a similar role in Web3. They’re helping introduce a new, decentralized way of creating, interacting and exchanging both monetary value and personal values. Just like social media became a way to interact with others and express yourself, we believe NFTs can help do the same for us in Web3.
Women in Data is introducing an NFT collection as a way of tokenizing our membership to help our members not only see themselves as a woman in data, but remind them that they belong here. When you are a part of Women in Data, you aren’t just connecting, growing, and leading in your career, you are part of something bigger.
We started with a mission at Women in Data and our NFT collection is helping solidify our mission and values through technology. Members receive a NFT, which not only represents the transactional value of their annual membership to WiD, but also visually represents their support of WiD’s mission.
We’re looking forward to celebrating our community and tokenizing membership through our NFT collections each year, but we’re also excited to help be an entry point for more women to enter and explore Web3.