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World of Women and Tezos Partner to Push for Gender Equality Across Web3

Tanzeel Akhtar
Last updated: | 2 min read

The team behind the World of Women (WoW) non-fungible tokens (NFTs) project has teamed up with Tezos to push gender parity across the Web3 space by creating more opportunities for women.

WoW said with support from Tezos, it has aspirations to expand its reach and empower more women by connecting and supporting them.

“WoW has exerted significant influence for women globally across 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 the co-founder of Tezos.

Women Underrepresented Across Web3

According to WoW and Tezos, women are underrepresented across the Web3 sector. The gap is further widened by the funding disparity, with male-led ventures receiving four times more investment. This is a testament to the ongoing challenges women face in securing funding, recognition and support.

Women constitute 37% of cryptocurrency holders but only 27% of the web3 workforce and 13% of startup founding teams, according to data from the Boston Consulting Group.

“Women are underrepresented and underserved across web3, just as they historically have been across tech and finance,” said Shannon Snow, World of Women COO.

“But their contributions and potential are immense. WoW aims to unite the collective power of women across web3 and beyond and provide opportunities to further their impact at the forefront of art, tech and culture,” adds Snow.

Bitget’s $10M Fund to Support Female-Led Startups

There are more initiates backing women in Web3 emerging. In January, crypto exchange Bitget launched a new initiative dubbed the “Blockchain4Her” group which aims to support female-led businesses.

Blockchain4Her has launched incubation programs tailored especially for female entrepreneurs. This includes a $10 million fund which will support female-led startups in the blockchain industry.

Gender Disparities in the VC Ecosystem

Bitget also released a report on blockchain funding across 2022 and 2023 highlighting the latest trends including gender disparities in the present VC ecosystem.

In a January release, the exchange revealed that blockchain startups have received $27.85 billion between January 2022 and Q3 2023 while marking a 70% fall per quarter across that period.

Overall, the bearish market saw funding drop by 61.6% in 2022 with the lowest figure per quarter standing at $1.97 billion, a 29% drop from early months in 2022. While startups attracted $27.85 billion, female-led Web3 firms posted only $1.77 billion due to the prevailing bias in the market.

This gender bias reduces the opportunity for women and in turn, affects the wider adoption of crypto into female-related fields in traditional finance.

Diversity in crypto is important as it brings a range of perspectives, talents, and experiences to the table, fostering innovation, resilience, and broader adoption.

Click here to see Cryptonews most influential women in Crypto 2024.