The team behind the World of Women (WoW) non-fungible tokens (NFTs) project has teamed up with Tezos to promote gender parity across the Web3 space, thus creating more opportunities for women.
WoW said that with the support of Tezos, it has aspirations to expand its reach and empower more women by connecting and supporting them.
“WoW has had a significant influence on women around the world on web3. Tezos’ advanced technology, industry expertise, and extensive network can bolster WoW’s impact for a new era of growth,” says Kathleen Breitman, a prominent figure in the blockchain industry and co-founder of Tezos.
World of Women: Women currently underrepresented in Web3
According to WoW and Tezos, women are underrepresented in the Web3 sector. Furthermore, the disparity is further aggravated by the difference in financing, with ventures led by men receiving four times more investment.
And this is a testament to the constant challenges women face in securing funding, recognition and support.
According to data from the Boston Consulting Group, women make up 37% of cryptocurrency holders, but only 27% of the web3 workforce and 13% of startup founding teams.
“Women are underrepresented and underserved in web3, just as they have historically been in technology and finance,” said Shannon Snow, COO of World of Women.
But his contributions and potential are immense. WoW aims to unite the collective power of women on web3 and beyond to provide opportunities to increase their impact at the forefront of art, technology and culture,” adds Snow.
Bitget’s 10M USD Fund to Support Women-Led Startups
There are more initiatives emerging supporting women in Web3. In January, cryptocurrency exchange Bitget launched a new initiative called the “Blockchain4Her” group, which aims to support women-led companies.
Blockchain4Her has launched incubation programs tailored especially for women entrepreneurs. This includes a $10 million fund that will support women-led startups in the blockchain industry .
Gender disparities in the Venture Capital ecosystem
Bitget also released a report on blockchain financing in 2022 and 2023. In this way, it highlighted the latest trends, including gender disparities in the current venture capital ecosystem.
In a January statement, the exchange revealed that blockchain startups received 27.85 billion USD between January 2022 and the third quarter of 2023, marking a 70% drop per quarter during that period.
Overall, the bear market saw funding drop 61.6% in 2022, with the lowest amount per quarter at 1.97 billion USD. In other words, a drop of 29% compared to the first months of 2022.
While startups attracted 27.85 billion USD, women-led Web3 companies registered just 1.77 billion USD, largely due to the prevailing bias in the market.
This gender bias reduces opportunities for women and, in turn, affects the wider adoption of cryptocurrencies in fields related to women in traditional finance.
Diversity in the crypto industry is important because it brings a variety of perspectives, talents, and experiences to the table, promoting innovation, resilience, and broader adoption.
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