(Photo: Amy Matsushima)
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Like so many sectors, the worlds of blockchain, crypto, and Non-Fungible Tokens (NFTs) are significantly dominated by men. Ironically, cryptocurrency was designed to create a level playing field overcoming many of the biases found in the more closed-off areas of traditional investment. Yet, the disparities in gender for crypto are, disappointingly, similar to those found in fields such as finance and technology.
Last year, a study by CNBC found a considerable lack of diversity in the sector, with 67% of cryptocurrency investors being men. However, this is a notable improvement – a survey conducted in 2019 calculated women accounted for around 8% of all crypto users.
What about NFTs? Predictably, the situation is mirrored when it comes to NFTs. The world of finance and technology are primarily male, and so is the art world. For example, an analysis of 18 major art museums in the US found 87% of the art collections were by male artists. As NFTs attract those interested in tech, finance, and art, it is no surprise to find this gender disparity.
A recent study conducted by research agency Art Tactic examined the sale of NFTs between January 2020 and September 2021. The study found that at least 77% of NFT art sales went to male artists, with only around 5% going to female artists. Even accounting for the 16% of artists of unknown gender, there is still a vast gap.
With so many male investors and artists, there is increased pressure for the market to be geared toward men. An example of this is CryptoPunks, an NFT collection often credited with starting the craze for NFTs. Of the 10,000 unique CryptoPunks, only 3,840 are female. Furthermore, all of the top ten CryptoPunks sold so far – each for over US$2 million – appear to be men, increasing the pressure on artists and sellers to focus on male avatars.
The good news is that the situation is starting to change. A number of female-only collectives and communities are forming in the blockchain space and are rapidly growing in popularity.
The rise of women-led NFT projects and communities To reset the balance, a growing number of female groups and projects have sprung up over the last few years. A great example of this movement is Women of Crypto, founded by entrepreneur and investor Amy Matsushima.
“As a businessperson, trader, and investor, I have always raised eyebrows due to my gender,” Matsushima says. “The gender gap is prevalent in so many fields. So, when I became fascinated by the opportunities presented by cryptocurrencies, it was disappointing to find such wide disparities exist there too.
“Cryptocurrencies, blockchains, NFTs are a revolution that should bring equality and inclusivity. But from the start, there was a lack of diversity, and it started to look like another male-dominated sector. I wanted to change that, and so I founded Women of Crypto to normalize women’s presence in the world of cryptocurrency.”
The project released 3D rendered NFT avatars of 8888 women, each with their own individual characteristics and traits. Matsushima explains, “The Women of Crypto are diverse, yet unique, representing women everywhere. The project aims to educate and empower underrepresented individuals in the world of crypto and improve inclusivity.”
Diversity in the crypto world is proving popular, and the gap is shrinking As more women enter the crypto market, projects like Women of Crypto are highly in demand. “Even we were surprised by the popularity of the project,” Matsushima says. “On the first day of the sale, we had 50,000 clicks a minute, and it crashed the website. We had to push the launch back a few hours.”
The slight delay didn’t prove much of a hindrance as the project sold all 8888 avatars on the first day. Women want to be part of the crypto world. In the UK, for example, the crypto platform Dacxi found that 41% of women surveyed wanted to purchase crypto worth over £1,000 (about US$1,350) within the following year. The main factor that made them hesitate was a lack of knowledge and confidence.
This is a common issue and is well known by women on the scene, such as Matsushima. “Much like the world of business and finance, it can be intimidating for women to get involved. To rectify this, we have been fortunate to partner with two amazing charities – Crypto Chicks and Women Who Code. Both have the mission of educating and empowering women in the fields of business and crypto,” Matsushima says.
“We have also produced several video courses explaining a variety of topics, including the fundamentals of NFTs, the Metaverse and even step-by-step guides on how to start an NFT project. Another approach we have taken is to collaborate with the very female-centric beauty industry. This raises the visibility of crypto for women who may feel excluded, and the revenues are reinvested into the project. We are building a huge community through channels such as Twitter (NYSE:TWTR), Instagram, and Discord.”
The number of women investing in blockchain is noticeably rising as crypto starts to become more inclusive. The gender gap in crypto and NFTs seem to be a legacy of the fintech world. However, as projects like Women of Crypto and entrepreneurs like Amy Matsushima show, that doesn’t have to be the case. The dream of a level playing field in the world of cryptocurrency looks increasingly likely. The gap is finally starting to shrink.
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