The metaverse as advertised promises a decentralized network of environments leveraging blockchain technology to overcome the limitations of the physical world. Yet, many skeptics believe the metaverse and underpinning cryptocurrencies are a farce only conceived to make a select minority rich. Either way, the metaverse is set to become embedded in every industry, from gaming, to fashion, to real estate. A construct of contemporary society, the global metaverse revenue opportunity could approach $800 billion in 2024, and left unchecked it will adopt whiteness as the societal default.
By Namon Freeman Without substantial wealth Black Americans are unable to benefit from surging housing, stock, and asset prices For every dollar the average white American has, the average Black American has only about 17 cents It’s been over 150 years since federal troops arrived in Texas to emancipate enslaved Texans, where prior to this
Economists have taken on the task of quantifying the cost of racial inequity on the U.S. economy over the past 30 years, through a report published by the Brookings Institute along with Federal Reserve Bank of San Francisco President Mary Daly. Using white men as the basis of parity, they estimate the U.S. GDP could have gained $51 trillion ($23 trillion from labor alone) since 1990 if racial gaps were closed. In 2019, over the period of just one year, the potential gains from equity total $2.6 trillion. This is just another addition to a growing portfolio of literature that quantifies the tremendous cost of discrimination in this country.
By Namon Freeman Dark-skinned or female NFTs used as metaverse avatars see less demand and are valued less The global metaverse revenue opportunity could approach $800B in 2024 The metaverse as advertised promises a decentralized network of environments leveraging blockchain technology to overcome the limitations of the physical world. Yet, many skeptics believe the metaverse
By Namon Freeman Racial inequity has cost the U.S. economy $51T since 1990 Gaps in earnings and unemployment contribute to the $23T loss from labor alone Economists have taken on the task of quantifying the cost of racial inequity on the U.S. economy over the past 30 years, through a report published by the Brookings
By Namon Freeman Black-owned homes are devalued by approximately $156B Solving the racial wealth gap could add up to $1.5T to the U.S. economy The racial wealth gap and the case for reparations seem to be on the tip of everyone’s tongues recently. These calls continue to be countered by the usual ‘what-about us-ism’ responses,
By Namon Freeman Black unemployment is 3x higher than the national rate of 3.6% 21% of black young adults have low-quality jobs U.S. unemployment is at an all-time low and the economy is churning, right? Not so fast, Black America isn’t quite feeling the effects of full-employment. Particularly in majority-black metro areas where the average
By Namon Freeman Comcast to expand $10 broadband potentially serving 7 million low income households In some majority black cities, up to 60% of households don’t have wired service For the past 8 years Comcast (CMCSA +2.36%) has been providing its Internet Essentials service to low income households. The program has connected more than 2
By Namon Freeman Julia Collins’ Zume Pizza is now worth $2B and partnering with &Pizza There has been a 300% growth in the food truck industry over the past 3 years In this digital age phone apps aren’t the only way in which companies can go mobile. Zume Pizza, founded by black tech entrepreneur and
By Namon Freeman Drake partners with Canopy Growth for a majority stake in one of its Canadian brands More Life to “jugg” wellness, discovery and personal growth through cannabis Canopy Growth (CGC +15.27%) adds another all-star celebrity to its dream team roster of influencers, which includes the likes of Martha Stewart, Seth Rogan and Snoop
By Namon Freeman Fake footwear may have cost Nike and Louis Vuitton $437M in potential revenue Last year sales of counterfeit goods reached $520B No one would have thought 40 years ago that a pair of sneakers would be rare and valuable enough for someone to want to create a pair of fake ones. However,
By Namon Freeman At the beginning of April, there were more than 16.5 million new unemployment claims across the U.S. The Black unemployment rate in March was 6.7%, higher than any other ethnic group The urgent need to quantify economic impacts of the coronavirus pandemic has prompted many to question whether the unemployment rate is
By Namon Freeman Only 2% of Black-owned businesses received PPP government loans More than 40% of Black small business owners were forced to close up shop as a result of the pandemic Only 2% of Black-owned businesses received Paycheck Protection Program (PPP) loans as part of the CARES Act, that’s funded 4.9 million in loans
By Namon Freeman Black and Latinx founders have only received 2.4% ($15B) of VC funding since 2015 36% of Black and Latinx start-up companies have women founders The start-up model seems to be the engine bringing the world’s economy into the new millennia, but this model has yet to shed the racism and sexism endemic
No one would have thought 40 years ago that a pair of sneakers would be rare and valuable enough for someone to want to create a pair of fake ones.