World of Women (WoW) non-fungible tokens (NFTs) project has partnered with Tezos to promote gender equality in the Web3 space.
WoW, I stated that it aspires to broaden its influence and empower more women by providing them with support and connections with the assistance of Tezos.
“WoW has had a substantial impact on women worldwide across the web3.” Kathleen Breitman, the co-founder of Tezos and a prominent figure in the blockchain industry, asserts that Tezos’ extensive network, industry expertise, and advanced technology can enhance WoW’s impact and usher in a new era of development.
Underrepresentation of Women in Web3
Women are underrepresented in the Web3 sector, as per Tezos and WoW. The funding disparity further exacerbates the gap, with male-led ventures obtaining four times more investment. This is a testament to women’s persistent obstacles in securing funding, recognition, and support.
According to data from the Boston Consulting Group, women comprise 37% of cryptocurrency holders, but they only account for 27% of the web3 workforce and 13% of startup founding teams.
Shannon Snow, the COO of World of Women, stated, “Women are underrepresented and underserved in web3, as they have been historically in finance and technology.”
However, their potential and contributions are immense. Snow continues, “The objective of WoW is to consolidate the collective influence of women in Web3 and beyond and to offer them opportunities to enhance their influence in the fields of art, technology, and culture.”
Bitget’s $10M Fund to Support Female-Led Startups
An increasing number of individuals are supporting women in the emerging Web3. Bitget, a cryptocurrency exchange, initiated the “Blockchain4Her” organization in January to assist female-led enterprises.
Blockchain4Her has implemented incubation programs specifically designed for female entrepreneurs. This encompasses a $10 million fund that will assist women-led blockchain-related businesses.
Gender Disparities in the Venture Capital Ecosystem
Bitget also published a report on blockchain funding in 2022 and 2023, which detailed the most recent trends, including gender disparities in the current VC ecosystem.
The exchange disclosed in January that blockchain firms received $27.85 billion between January 2022 and Q3 2023, a 70% decrease per quarter.
Overall, the bearish market experienced a 61.6% decrease in financing in 2022, with the lowest figure per quarter at $1.97 billion, a 29% decrease from the early months of the year.
The market’s prevailing bias resulted in female-led Web3 firms posting only $1.77 billion, even though entrepreneurs attracted $27.85 billion.
This gender bias affects the adoption of cryptocurrency by traditional finance’s female-related sectors, limiting women’s opportunities.
Diversity is crucial in the crypto industry, as it promotes innovation, resilience, and broader adoption by incorporating a variety of perspectives, talents, and experiences.
