Fimi Market, Inc. building Diversity, Equity, and Inclusion in Web3
3 min. read
In 2022, most of us have accepted that the future is digital, and that cryptocurrency is here to stay. However, for historically marginalized communities, participating in the crypto economy can seem like a pipe dream – always just a little out of reach.
For minority groups, Web3 technology is often regarded with skepticism – the primary question is: who benefits from this technology? Many acknowledge the potential of investing in crypto and NFTs to grow wealth and pursue financial independence. However, the lack of access, education, money, or the general know-how to navigate through the noise presents seemingly challenging obstacles.
Fimi Market, Inc. is making financial technology attainable for women, Black, Indigenous, people of color (BIPOC), and other minority groups – largely untapped in the Web3 space.
Who are we really?
Fimi Market, Inc. is a technology company based in Maryland, USA. We intentionally leverage technology so underserved groups can reap the benefits of generating revenue from NFT sales. We launched our first product in June 2022, the Fimi NFT Marketplace. It is the only NFT art marketplace specifically designed for women, people of color, Black diaspora artists and collectors to buy and sell art and build successful creative careers and collections.
Much ado about Something
The world population is about 7.9 billion, and an estimated 4% or 320 million people worldwide are crypto users, with a predicted compound annual growth rate of 56.4% between 2019 to 2025 (PR Newswire 2020). Examining the ownership data reveals the underrepresentation of minority groups. According to the Digital 2022: Global Overview Report, crypto users are over 60% white and male. Over 70% of owners are under 34, hold a bachelor’s degree, and earn about US$25,000 annually (Binance Research 2021).
’Cryptocurrency investment’ is often considered an equalizer for groups that often lack the right resources to participate in traditional banking and commerce. However, the tech community has put minimal effort into ensuring that the diverse perspectives needed to ensure equity in Web3 are present. Without the deliberate intention of companies such as Fimi Market, Inc., minority groups will continue to be left behind in the space.
Enter Fimi Market, Inc.
We at Fimi Market, Inc. work with underrepresented artists/creators to reduce common hurdles to access and provide the exposure needed to get their work in front of buyers.
Every decision we make deliberately puts our artists first, from our education programs and lowered platform fees to our Lata Minting (deferred minting fees) feature. In doing so, we aim to make the creation, collection, purchase, and sale of NFTs accessible to people of every gender, race, color, and creed.
Walking the Talk
The phrase ‘Diversity, Equity and Inclusivity’ (DEI) seems like the latest marketing catchphrase for companies today, often with little action to support their claims. At Fimi Market, Inc., ‘diversity, equity and inclusivity’ is the foundation of our entire operating model.
Our employees are from diverse backgrounds, bringing their unique perspectives and providing insight. Fimi Market, Inc. also prioritizes the individual artist/creator rather than the specific NFT or, for that matter, our own profit margin. ‘Walking the talk’ may be less profitable for our bottom line as it requires more work, but it is undoubtedly much more fulfilling.
What’s in a Name?
For our CEO, Miguel Adwin, of Jamaica heritage, ‘Fimi’ (“Fih-me”) is more than just a name. Fimi is a Jamaican patois term that means “for me.”
The Fimi NFT Marketplace’s purpose is to give everyone the access to participate: to create, collect, buy, sell and thrive.
“We want each individual to say, ‘Fimi is for me.’ No matter where you live or how you create or collect art, you can see yourself and visualize your own success through the Fimi NFT Marketplace” - Miguel Adwin, CEO.
Binance Research (2021), “2021 Global Crypto User Index”. https://research.binance.com/en/analysis/global-crypto-user-index-2021
Kemp Simon (2022), Digital 2022: Global Overview Report. https://datareportal.com/reports/digital-2022-global-overview-report?utm_source=Global_Digital_Reports&utm_medium=Article&utm_campaign=Digital_2022
PR Newswire, March 23, 2020. Global cryptocurrency market is expected to grow with a CAGR of 56.4% over the forecast period from 2019-2025. https://www.prnewswire.com/news-releases/global-cryptocurrency-market-is-expected-to-grow-with-a-cagr-of-56-4-over-the-forecast-period-from-2019-2025–301028084.html