• Chelsea Burns

Web3 Wealth Building: 100x Social Capital

My web3 wealth building story is not about getting rich from crypto. It’s about getting rich in community. Truth be told, I sold my crypto too early, bought it again a couple years later at a high, and now I am either staking my depreciated tokens or I am investing in high yield stable coins. Instead, my journey into web3 is one of chance and being at the right place at the right time. It is a story of authentic community building, trusting a few true visionaries within my close inner circle, and commitment to a cause for which I care deeply.

My journey from web2 into web3 is one of leveraging social capital and attempting to build the resources and communities I want to exist in the world. Social capital is the wealth we hold within a community. Wealth building in a web3 world encompasses a decentralized network of individuals taking ownership in the resources and the community they create and monetizing those networks, content, etc .

My participation in Eve Wealth, the world’s first female wealth DAO, has been my main access point into web3. What started during covid as a group of 7 women from around the world convening on zoom has grown into a self governing global community of 700+ women and non binary people. Our focus is wealth building through a feminine lens and we live at the intersection of traditional and decentralized finance. The mission of the group is not to become a crypto cult. The goal is to offer a comprehensive financial landscape, knowledge share across asset classes, and to encourage one another through peer to peer learning. We assess our risk tolerance, we diversify our portfolios, and we participate in all aspects of wealth creation together.

What Does Contribution Look Like?

Participation is key for DAOs to survive. To be truly decentralized in nature means its members are responsible for its value creation and participation is rewarded through governance power and ownership. However, DAOs are a novice institution (in the digital sense at least) and they are highly imperfect. Participation is challenging, resources are scarce, and centralized internal operations appears to be the optimal strategy at first.

Eve officially became a DAO with the production of our new podcast “Women, Wealth, and Web3”. A group of contributors came up with the idea, found sponsorship, and token holders voted on the proposal. This example of converting contribution into voting power makes us officially a DAO. I personally have contributed to the DAO by hosting events, creating content, conducting light business development, and researching for the podcast.

Motivation to Contribute

While becoming a DAO is a significant turning point, I would like to focus on the value the organization creates for its members, why this community is in high demand, and why I spend a significant amount of my time contributing to this organization.

In 2017 my father passed away and I inherited his wealth. The first year or two was a whirlwind of education, administration, and wrapping my head around what wealth management was supposed to look like moving forward. I fired and hired several financial advisors along the way. Shuffling money around like that had financial consequences, however, I was searching for more sustainable investing options and advisors that could sell me on their value. At the time, there weren’t a ton of resources for people like me to follow. So, I rolled up my sleeves and started building the communities, networks, and resources I was seeking.

My story is not unique. Over the next couple decades, we will experience the largest wealth transfer of all time. Women are poised to inherit a larger portion of this transferred wealth than men. Currently, women control 33% of US household assets. Over the next ten years, women’s control will shift from $10T to $30T of household assets. While this is both a massive opportunity, it is also a massive responsibility. It requires us to build finance focused resources and communities for women. It requires us to reject past societal norms that wealth building is “taboo” and an “inappropriate conversation”. Rather, we must create opportunities for women to collaborate, strategize, and support each other in managing and building wealth.

I am optimistic. The landscape has shifted a lot in the last four years since I started my own wealth journey. Conversations and networks around women’s financial empowerment, impact investing, and funding minority business owners have increased. I am honored to be connected to or part of many of the organizations at the forefront of this movement. Yet, we still have a long way to go and it's the exponential growth of social capital that will get us there.

Interested in learning more about wealth building in a web3 world? Eve Wealth would love to have you.

  • Join the public channels of the Eve Assembly on our Discord to join the conversation + hear about events that are free/open to the public.

  • Join the waitlist so you're the first to hear when registrations for the next Wealthverse Summit and registration for the Fall 2022 member's cohort opens up later this summer.

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