How to attract more women to Crypto and NFTs?
We usually say that we live in truly exciting times. From new digital identities, like CryptoPunks or BoredApes stealing the profile picture of the world’s biggest celebrities, the NFT market is just starting to make waves. NFTs are undoubtedly related to the crypto and blockchain world and offers digital products with a proof of authenticity and ownership in the formats of images, videos, collectibles, and even land in virtual worlds. In other words, NFTs are fully digital assets that represent the gateway to the metaverse and integration of online and offline realities.
Data indicates that NFT sales volume surged to $10.7 billion during the third quarter of 2021, according to market tracker DappRadar. In fact, the most expensive known NFT sale was a digital collage sold at Christie’s for $69.3 million in March 2021. Yes, $69.3 million. This is the most real and powerful argument indicating that the NFT market is here to stay.
The world of finance and cryptocurrency, as you know, are still very male dominated worlds. So the question was born and we ask ourselves: What is the role of women in crypto and NFTs? To answer this complex and challenging question, Exclusible spoke with the community and conducted a study to understand the impact of the female presence and whether the NFT market and metaverse actually represent more inclusive and transparent environments.
Who runs the crypto world?
We would like the answer to be “both” but that is not the case. Various surveys and studies clearly demonstrate that in the crypto universe and especially in NFTs, there is a clear inequality between men and women. Cryptocurrency is a 21st century financial instrument with a very 20th century problem; not enough women, according to CNBC. As we’ve seen this story in the past, twice as many men as women invest in cryptocurrency today (16% of men vs. 7% of women), according to the CNBC and Acorn’s “Invest in You: Next Gen Investor” survey.
However, there is a high concern in the crypto area to democratize investment. In fact, crypto is the only financial vertical that has a higher participation rate among younger adults than older adults: 15% of those 18 to 34 years old own cryptocurrencies, compared with 11% of those ages 35 to 64 and 4% of those 65 and older. That said, crypto undoubtedly came to shake traditional and conventional models and bring some modernity to the world economic system. But that is not all. An equally interesting fact is the racial and social disparity of who owns cryptocurrency. According to CNBC, about 11% of Whites, 11% of Blacks, 10% of Hispanics, 14% of Asians and 13% of people of another race all have crypto investments. However, despite making history in lowering racial barriers, there is still clearly a mission in the fight for gender equality in crypto investments. How can we change this? Some people believe the way is through NFTs. According to Lavinia Osbourne, founder and host of “Women in Blockchain Talks,” non fungible tokens or all-digital assets can be the sacred path for women to gain ground in male-dominated industries like crypto and blockchain.
How to get more women on the NFT dance floor?
It is not a simple task, but since the growth of NFTs, the female presence and interest in crypto investment and metaverse-related initiatives has been increasing. However, there is still a long way to go, and at the moment issues such as gender inequality are still in the spotlight. Therefore, the Exclusible insights team interviewed and collected data from some women in the industry in order to try to understand how these women feel in an industry dominated by men and how we can change this scenario in the future.
After the first steps of the research, we clearly realized that this is a very contradictory subject and for some women to work or be involved in industries practically dominated by men, such as crypto and NFTs, it is intimidating and scary at times. On the other hand, some women believe that this inequality actually represents opportunities to show what they are capable of and leave a feminine mark.
“I feel SOMEHOW lucky to be in the first wave of women entering this space and I feel this will give me an advantage to have a bigger impact. I don’t think crypto was designed for men and it’s up to women to create how we want this space to work for us.”
However, at Exclusible we decided to go deeper and understand why there is gender inequality in a digital universe. It was in a conversation with Demi Karanikolaou, Channel Partner Manager at Google and contributing editor on Technology and Fashion at Harper’s Bazaar Greece that we came to an interesting theory.
“Women have been faced with discrimination from the beginning of the world. So the digital reality would not be any different because the digital reality is created based on our physical and existing society. that being said, it only makes sense that some of the issues that we are experiencing in our physical life, we’re also going to continue experiencing in the digital life.”Demi Karanikolaou
Based on that, the inequality and gender divide in the digital universe is actually a consequence and logical continuation of normal human life. For this same reason, the metaverse will face very complex social and humanitarian issues that will certainly lead to a reinvention of the digital human being. How can we be someone in a universe where we can be faceless and hide our name, while at the same time living in the most transparent universe in which all actions, even the smallest, are registered by the blockchain? Perhaps, despite the complexity associated with the construction of identity, the transparency and traceability policy associated with the blockchain can drive more equality and inclusion for certain minorities.
However, when will women make their mark on the NFTs dance floor? This was one of the most asked questions during the research process, in which some of the interviewees believe that this place will eventually arrive.
“When women understand that crypto and NFT world is not just a hobby, but a practical application/implication in real life.”
In fact, some of the remaining female participants also claim that as the world of crypto, NFTs, and Web 3.0 becomes more mainstream, women will begin to view the power of communities that exist in these spaces and want to learn more about them. They also believe that women inserted in this space already feel quite powerful, but above all, ready to help other women to gain their voice and prominence in the area through greater independence and financial growth. Based on this mission, we saw some projects being born like World of Women that really demonstrated and proved that the NFT community believes in a message and a powerful purpose associated with art and design.
Actually, this is one of the reasons that Exclusible believes in the need to captivate and draw more women into the crypto and NFT world, especially in the luxury arena. It is about building a new path and preparing these women for the next digital reality.
What do NFTs really mean for the future?
For us, at Exclusible, the question is not what they mean for the future, but how the NFTs represent the future. In addition to signifying new ways of connecting, shopping and valuing certain things, NFTs are undoubtedly interconnected with the new world that is being designed. A totally decentralized world, with new ways of living, collecting assets and redefining social norms. Empower creators to capture and share their digital expressions on their own terms. NFTs are part of a virtual environment that is increasingly present in our physical life. On top of all this, Elana, also recognized as @TradingFemale on Twitter stage, claims that NFTs are just the beginning of something much more powerful and impactful that is to come.
“I think NFTs are just beginning. I think we’re just getting started. All these hype projects that people are just buying out and trying to make a quick 10x in a span of two seconds, they’re going to die. And I think the main projects will be those collectibles and the ones that have utility to them.”@TradingFemale
So mark our words: Utility, Community, Art and Purpose. These will be the words related to successful NFTs and they will definitely be part of the digital transformation of many industries. So when you think the future is coming, think again, because the future is already happening. Now, it is up to all women with an interest in the crypto industry and potential of NFTs to familiarize themselves with the concepts and latest news to stay one step ahead in the battle between genres in the new digital world.
About the Author
Sara is an expert in digital luxury with professional experience in startups related to fashion and technology, Sara has worked with brilliant professionals from Vogue Business, TikTok, Galeries Lafayette, The Fabricant, among many others equally surprising to understand the future of the luxury fashion industry and emerging trends.