Why gender representation in Web3 communities matters
September 26th, 2022

As a nascent, decentralized sector, Web3 certainly has the potential to overcome the gender disparity issues that currently pervade it. Recent statistics show that women are widely underrepresented: just 16% of NFT artists (ArtTactic) and 15% of BTC traders (Bloomberg) are female, and make up only 5% of all crypto entrepreneurs, according to a study by Crypto Head last year.

As the CEO and founder of Fashion League, the first female-centered, free Web3 play-and-earn  mobile game which allows users to build their own virtual fashion empires, I understand just how important it is to drive female participation and have more women leading in Web3. Here's why:

Higher positive impact

The outcome of having more women within Web3 communities means a diverse group is taking up space, ensuring that organizations and projects better encompass the needs of a broader range of voices. This inclusivity can have a direct impact on corresponding projects and organizations, as the diversity of a workforce is key to creating innovative and successful companies.

For example, the Boston Consulting Group study reported that the return on investment for each dollar invested in a female-founded company is double that of male-founded businesses, while the survey by INvolve concluded that the most diverse companies are 12% more likely to outperform industry averages. Indeed, it makes sense that for businesses to gather momentum, they need to be as collaborative and as rich in innovation and creativity as possible, which gender representation can help foster.

To encourage this impact, we need to improve the support of female-led projects and businesses, as well as improve networking opportunities to help onboard more women into the space. Regarding the latter point, one cannot underestimate just how important the network effect is: people's networks can have a significant impact on their careers, and being connected with the right people is more often than not crucial to getting ahead in any field, not least Web3.

Excellent entry point

Web3, female-focused communities provide an excellent gateway for getting women into the space. One of the main reasons that such communities succeed is not only the sense of belonging they engender or the values they share, but it is also due to the lack of judgment displayed when onboarding into the sector. One has to remember that the Web3 can sometimes be viewed as a complicated, hard-to-navigate space, overrun by a crypto bro stereotype. But having welcoming communities on Discord and Telegram can help to break down these stereotypes and barriers to entry, making Web3 appear a less intimidating subject for all.

Plus, there is huge value in having female role models in Web3 and in top leadership roles. You can't be what you can't see, and if we want to foster inclusion, we absolutely need to have women in the forefront of building it. 

For mass adoption to take place

Most importantly, gender representation in Web3 communities matters as in order to gather actual momentum, Web3 needs to be diverse to gain mass adoption. After all, if there is not only a lack of representation at the community level, but also at the C-suite level, this will certainly impact technological development in the space too. As a result, how is it possible to understand the needs of people at large if only a select few voices are being heard and building Web3? 

We need both men and women front and center of community, design and development to facilitate the creation of real-world solutions in Web3 that meet the needs of everyone. Luckily,

given that Web3 is still in its early stages, prioritizing gender equity within projects while teams and companies are still being built is far easier to implement than doing so within entrenched Web2 structures.

If Web3 is the next technological revolution, it makes sense that women need to have a seat at the decision-making table and be part of the community, feeling like their voices are heard.

Indeed, Web3 is our chance to set a high standard and create better levels of gender parity, as opposed to repeating the same mistakes and issues that occurred in the world of Web3. We also need a wider perspective shift when it comes to diversity: it isn't just simply a nice "bonus" to have, it truly is essential for development.

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