Women are underrepresented in the fintech industry, and the emerging field of Web3 is no exception. There are many reasons why women are both frustrated and inspired by the possibility of more diverse representation in the cryptocurrency industry.
A disturbing statistic from a Boston Consulting Group study earlier this year found that only 13% of Web3 startups are led by female founders, and only 3% have an all-female founding team. The funding gap is also large. According to the BCG report, the men's team collected nearly four times as much as the women's team. In addition, female NFT artists face a disturbing disparity: According to an additional report by ArtTactic NFT Art Market, just 5 percent of the money generated from NFT sales goes to female artists over a 21-month period.
On the other hand, many communities in the Web3 space are openly fighting gender inequality. Founded by NFT artists Yam Karkay and Rafael Malavia, World of Women is an example that focuses on empowering women through education. The WoW program aims to increase the representation and emergence of women in the NFT art market. Another such community is UnicornDAO, an NFT project platform founded in 2022 by Pussy Riot’s Nadya Tolokonnikova and cryptocurrency veterans John Caldwell and Rebecca Lamis. UnicornDAO's mission is to fund female NFT artists and invest in NFT projects from LGBTQ+ artists, paving the way for more diversity in the industry.
Stepping away from the NFT space to see the bigger picture of the Web3 landscape, many organizations and their visionary leaders are equally committed to increasing women's representation. Founded by Lauren Ingram, Women of Web3 is committed to connecting women with Web3 career opportunities through job boards, career resources, and personal networking events. The group also has a podcast where members discuss issues related to women in the Web3 industry. Similarly, the non-profit organization Women in Blockchain aims to serve as a catalyst for women to shape the blockchain landscape. Through educational content and networking opportunities, the community actively promotes women's entry into the Web3 space.
Such organizations seem to have identified two main causes of inequality: insufficient funding and lack of information, whether it be vocational training or general education. These points are particularly in line with the recommendations presented in the 2023 BCG report. The report highlights the importance of funding opportunities, especially the inclusion of women on investment teams. Thus, UnicornDAO raised $4.5 million by creating content in the Web3 space with blockchain-based tools.
The obstacles that women face in Web3 are the same as women in the world of business, art and science in general. However, there are many reasons why the women of Web3 remain optimistic. As stated on their official website, the founders of UnicornDAO, in particular, believe that the disruptive nature of Web3 can act as a catalyst for change by providing women and "underrepresented groups with the tools to empower themselves."
By addressing gaps in education funding and delivery, the initiative aims to create an inclusive ecosystem for women's empowerment. While the challenges will continue, Web3's potential as a transformative force offers hope for a future where women are fairly represented in a more diverse, inclusive and equal digital landscape.