By Elena Sinelnikova, Co-Founder of Metis and CryptoChicks
As we celebrate the progress made by women in the crypto space, it’s essential to acknowledge that Web3 is still far from harnessing the full potential of the feminine community. Despite the significant contributions women have made to the industry, they are still underrepresented in key positions and face numerous challenges.
Women Lead Top Crypto Exchanges
According to Pantera Capital, women not only lead top crypto exchanges but also earn 15% more than men. This is a testament to their skills, dedication, and leadership abilities. However, despite these achievements, women still account for only about 13% of Web3 projects with female founders, receiving a mere 6% of the industry’s total funding.
The Male-Dominated World of Web3
Web3 events, conferences, hackathons, and afterparties are primarily male-dominated. This is not just a reflection of the current state of affairs but also a missed opportunity for women to participate and contribute to the industry’s growth. The presence of predators lurking around Web3 spaces only adds to the challenges faced by women.
Empowering the Marginalized Benefits All
Web3 promises inclusion and fairness for all, yet it has failed to onboard more women and create safer places for them to thrive. Women comprise around 50% of the global population, have over $31 trillion in spending power, and control 85% of consumer spending in the United States. Dismissing and disempowering their leadership simply doesn’t make sense for Web3.
Creating More Inclusive Spaces
Empowering women benefits not only them but also the entire industry. Creating more women-centric corners in Web3 means more inclusivity and accessibility for everyone. It’s about breaking the monopoly of the hypermasculine ‘bro code’ that tends to exclude anything, or anyone, remotely feminine.
The Idea of a Feminine Frontier
The idea of a feminine frontier represents a cultural shift in Web3. It’s a call to build and nurture spaces where care, collaboration, empathy, and emotionality – the so-called feminine characteristics – are celebrated and not looked down upon. Every human being – woman or man – thrives in such spaces, whether we accept it or realize it.
Recent Developments
Emerging markets lead crypto adoption, according to Consenys survey. This is a testament to the power of innovation and inclusion. The beauty and strength of feminine spaces emerge from the experience of facing marginalization in all shapes and sizes. Along with sisterhood, these experiences drive women to be more receptive, accepting, and giving.
Building the Feminine Frontier
Onboarding more women to Web3 and creating more women-centric spaces will make the industry more inclusive internally and complement its external mission of fostering inclusivity in finance. Breaking generational stereotypes is, however, as challenging as replacing legacy business structures, if not harder.
The Problem Runs Deeper
Women themselves are made to feel they are inferior, let alone being told so by others. This significantly complicates the problem. Statistical data showing that women-led businesses achieve significantly higher income growth or return on equity doesn’t seem to make a difference. Even the fact that companies with female leadership grow approximately twice as fast as their male-dominated counterparts fails to have the desired impact.
The Importance of Education, Mentorship, and Support
The problem isn’t altogether rational or cognitive but rather psychological and deep-seated. You must unlearn a lot before you can learn new ways or see yourself in a new light. Education, mentorship, and holistic support are critical as a result. Women-centric communities are doing great at this.
Women-Centric Communities: A Beacon of Hope
From cohorts to scholarships, these communities provide young, aspiring women the means to make it big in Web3. Not mere pep talk and lip service. As these female-centric communities grow, they’ll create more visibility overall for vibrant and inspiring women leading Web3’s evolution in different capacities.
The Positive Loop
This evolution will create a positive loop, motivating more young women to take the leap and stake their claim on emerging tech paradigms. Given the proper training and skills development – besides vision – women supported in this loop should be well-equipped to empathize with the users’ community worldwide.
Feminine Qualities: A Strength in Web3
Feminine qualities such as care, collaboration, empathy, and emotionality are essential for building trust and fostering inclusivity in Web3. It’s time for us to recognize the value of these traits and create spaces where they can thrive.
Conclusion
Web3 has immense potential, but it’s being held back by its failure to onboard more women and create inclusive spaces. It’s time for us to acknowledge this problem and work towards creating a more equitable industry. The future of Web3 depends on it.
