Women Are Making Their Mark In Crypto & Web3
Like all segments of the technology industry, the crypto space has a glaring gender gap. It’s clear to even the most casual observer that the world of crypto is one that’s massively dominated by men, with the vast majority of industry leaders, developers and social media personalities coming from the male side of the spectrum.
However, the situation is changing and women are beginning to make their presence felt. Just a few years ago, women’s voices in crypto were few and far between. Attend any crypto conference and you’d find yourself surrounded by men. The same went for crypto communities online. Most investors in crypto were men too, and indeed they still are.
The picture of equality was so bleak in 2019 that Forbes Council member Tyler Gallagher felt compelled to note that the crypto industry had a big problem. “We definitely have a “bro culture”, he wrote. “If you go to a cryptocurrency conference, most of the attendees are men. Most of the speakers are men. Most of the leaders of crypto companies are men.”
More Women Invest In Crypto
While the problem still exists, over the last few years it’s clear that things are happening and that more women are getting involved. In fact, the rise of female interest in crypto is little short of astonishing, given how few ladies were involved just a few years ago. A recent survey by eToro, for example, shows that crypto has emerged from nowhere to become the second-most popular asset class among younger, female investors. This is notable because it shows that crypto has managed to succeed where more traditional asset classes have failed. Women have, and continue to largely ignore other kinds of investments, yet an increasing number are becoming enamored with crypto.
eToro’s Retail Investor Beat survey found that crypto is now one of the most widely-owned classes of asset among young women aged 18 to 34, second only to cash itself. According to the survey of 10,000 investors globally, the number of women getting involved in the space is increasing rapidly too. For instance, eToro’s data shows that crypto ownership among young women rose from 29% in the third quarter to 34% in Q4. Among men of the same age bracket, crypto adoption rose just 1% over the same period. eToro’s team suggests this is evidence that crypto is “succeeding where traditional financial markets have failed”.
The survey was just the latest indicator of women’s increasing interest in crypto, but there have been other signs of a cultural shift that’s rapidly taking place. A 2022 survey by the cryptocurrency exchange Gemini found that one-quarter of all U.S. cryptocurrency holders were women. That’s an encouraging sign when we consider that in 2018, just 5.2% of all crypto holders were women, according to another study by the World Economic Forum.
Web3 Reaches Out To Women
Amid the rising interest in crypto from women, the Web3 industry appears to be taking note. The metaverse is an emerging technology that’s strongly associated with cryptocurrency and some of the biggest projects there are focused on attracting more female users to their platforms.
An example of this is Decentraland, which last year hosted the first-ever virtual fashion show in the Metaverse. The fashion industry has always been more popular with women than men, and Decentraland’s Fashion Week was a glitzy virtual event that managed to attract some of the biggest designer brands, including Dundas, Dolce & Gabba, Etro, and Estée Lauder. The event was experienced by thousands of metaverse users, a large number of whom were female.
Another metaverse that’s reaching out to its female users is Upland. In October it announced it was partnering with Susan G. Komen, the world’s leading breast cancer research organization, to raise funds for its research projects and spread the word about its efforts among its growing metaverse audience.
The Susan G. Komen Block Explorer Fundraiser is an ongoing campaign that allows Upland players to purchase special block explorer NFTs and show off their support for the organization, with funds going towards its many breast cancer programs.
Web3 Women Take Center Stage
Elsewhere, there are a number of prominent female innovators who’re looking to help close crypto’s gender gap by putting themselves at the forefront of blockchain development. One of the most famous women in crypto has to be Galia Benartzi, co-founder of the Bancor Protocol, one of the original platforms and a trailblazer in the decentralized finance space.
Similarly, Katheen Breitman is making waves as the CEO of Tezos, a pioneering Layer-1 blockchain protocol that’s powered by its energy-friendly proof-of-stake consensus mechanism and is known for its “Clean NFTs”.
Then there’s Elizabeth Stark, a familiar face who has spoken at some of the world’s biggest annual crypto conferences and serves as the CEO of Lightning Labs, the creator of Bitcoin’s Lightning Network.
Women aren’t only getting involved by leading crypto projects though. There’s also a growing number of female faces in the world of NFT artists who’re getting more attention by the day.
One of the most talented NFT artists to emerge over the past year is Maliha Abidi, who’s stereotype-shatting NFT collection “Women Rise” made headlines when it launched in October 2021. The release was made up of 10,000 exclusive NFT images that celebrate the role of women in history and society. When asked about the purpose of her NFT collection, she explained that she’s just hoping to “attract more women into the world of Web3”.
Abidi’s NFTs have surely helped that cause, because a growing number of big crypto organizations now say they are looking to tap into the female talent pool and reduce the industry’s gender imbalance. Most recently, Justin Sun, the founder of the Tron blockchain, announced that the cryptocurrency exchange Huobi Global is looking to increase the diversity of its workforce by hiring more female talent.
Sun simultaneously announced Huobi’s “First Lady” program, a new social media campaign that seeks to elect women to its new Super Fire Sisters Group. “Having a diverse team brings a range of perspectives and ideas to the table, which is essential for innovation and growth,” Sun said of the initiative.
It’s Time For Women In Web3 To Shine
For now we still have to concede that the crypto industry is one that’s heavily dominated by men, but recent trends suggest this won’t always be the case. Women influencers are intent on increasing their sister’s participation in Web3, and there’s lots of evidence to show that they’re succeeding in this mission.
The presence of women in crypto is increasing all of the time, and it should be encouraged by everyone involved. After all, the very premise of Web3 is one of a fairer and more inclusive digital world. With women representing exactly one half of humanity, they clearly have a vital role to play in making that dream become a reality.
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