This is the eighteenth edition of weekly recommendations. Watch this space for facts, news, trivia and research around the world. Topics range from economics, public policy and psychology to finance, society and current affairs. Access all weekly recommendations here.
Satoshi Island – A Dream Come True for Crypto-NFT Fans
Ever dreamed of a fully crypto world? Well, there is good news for you.
Satoshi islands, a part of the Republic of Vanuatu located between Australia and Fiji in the Pacific Ocean, will become the world’s first Crypto and NFT based economy.
But sadly, the applications for citizenship have been recently closed.
Yes, at least, for now, gives a feeling that this might be the reality sooner than we might have expected.
The website writes, “Satoshi Island is a 32 million square foot private island, located in the tropical paradise of Vanuatu, tucked between Australia and Fiji. The island, which is owned by Satoshi Island Holdings Limited, is intended to become home for crypto professionals and enthusiasts, with a goal to be considered the crypto capital of the world. After years of preparation, a green light from the Vanuatu Prime Minister and Minister Of Finance and all approvals in place, Satoshi Island is now ready to be developed into a real-world crypto economy and blockchain-based democracy.”
The island will boast all types of ownership in the form of NFTs. It will host all crypto-related events and projects throughout the year.
The homes will be made of readymade modules which will be environmental friendly. They will be shipped from other places and only assembled on the island. It will commission the first batch of modules to create short stay accommodation, due for delivery by Q3 2022. By Q4 2022, the citizens of the island will be able to visit for shorter-term and by Q1 2023, the island will be open for all.
Citizenship costs in Vanuatu amount to $130,000.
How the World Sees Metaverse
It seems that the emerging markets are more excited, aware and optimistic about the metaverse than the developed countries.
According to a survey conducted by IPSOS for World Economic Forum, around 50% of the adults across 29 countries are familiar with the metaverse and feel optimistic about its use in daily lives. But they found wide differences across countries and demographics.
In China, India, Peru, Saudi Arabia, and Colombia, more than two-thirds of the people surveyed have a positive feeling about the possibility of engaging with it in their daily lives. However, in Japan, Great Britain, Belgium, Canada, France and Germany, this feeling is true for fewer than one-third of people only.
More than two-thirds in Turkey, India, China, and South Korea report being at least somewhat familiar with the metaverse, compared to fewer than one-third in Poland, France, Belgium, Germany, and the Netherlands.
Responsible Fashion
Topic on responsible fashion usually restricts to its environmental impacts. One cannot ignore the consumption of water and carbon emissions the sector produces. According to a World Economic Forum analysis, the fashion sector is the second greatest consumer of water resources, accounting for 20% of all industrial water pollution and around 10% of global carbon emissions.
But the fashion industry should also be held responsible for the exploitation of workers. The labour, usually women from developing countries, is paid too less to sustain. Factory workers in Bangladesh and Ethiopia get wages to the tune of US$35 and US$26 a month, respectively, in spite of the set minimum wages of US$95 and US$110 a month.
Ishita Bagchi, a public policy consultant, writes, “To put things in perspective, a major fashion CEO will earn more in four days than a female textile worker in Bangladesh will earn in a lifetime. Some employees are not paid for overtime, sick days, or maternity leaves. If they are discovered to be pregnant, they may potentially be fired.”
She points out that only a few major brands are doing the right thing. For example, Zara owner Inditex is the only brand that asks suppliers to pay decent wages to the workers. Brands like Adidas, H&M, Inditex, Kering, and PVH are working on industry collaborations to fix the wages issue. She also highlights the poor representation of women in senior positions in the industry despite 80% of the workers being women. According to a 2019 PwC report, women account for only 12.5% of clothing CEOs and 26% of board members.
She pleads firms to become responsible for tackling environmental issues and labour exploitation. More consumers are willing to purchase purpose-driven brands these days and empowering people who work towards building the brand should be a top priority.
– Swapnil Karkare
