Women Are Outpacing Men in the World of Crypto
Neither this post nor any other on cryptofal.com should be taken as financial advice. It is not.
The increase in popularity of cryptocurrencies and NFTs over the past year not only helped push the market cap of coins to its previous height of almost $3 trillion but also catapulted NFT sales from $82 million in 2020 to $17.6 billion in 2021. Part of the success in this digital frontier is owed to mainstreaming the crypto industry. Commercials, TV spots, news coverage, and government attention have placed the spotlight on crypto and NFTs. Brands like Adidas have famously highlighted their entry into the NFT world and Metaverses of Web3, leaving many curious enough to onboard into the space.
A deeper look into the numbers behind the increase will show that women have contributed strongly to this upward trend. The recent report by Bakkt revealed women have an 11% edge over men for first-time purchases of crypto within the past year and 8% higher for first purchases within the last 6 months. When questioned about barriers to entry of crypto, only 5% expressed the industry being overwhelmingly male-dominated as a reason for deterrence. Furthermore, 82% of women said they were likely to purchase more crypto in the future compared to 30% for men, suggesting this trend will continue.
Women are beginning to carve out and develop strong communities within the crypto and NFT spaces. Twitter is among one of the major social media platforms serving as a marketplace for women to network and cultivate projects. The increase in female-run NFT collections, artists, and crypto influencers is easily observed and continues to increase each day. A previous article on Women in Web3 from FAL dives further into the strides women are making in Web3 as well as some of the major female-led NFT projects.
While the men may hold a majority of the jobs and lead the major crypto and Web3 companies, there is an increasing demand and interest for women and plenty of room for them in this developing industry. The new digital frontier of cryptocurrency and Web3 is living up to the hype around its mantra to break the status quo of the old systems. In building a world more inclusive of women, the space is likely to continue to develop in the same groundbreaking way it’s been idealized by its community.
On that note, as March comes to a close, we wish you all a Happy Women’s History Month, especially to all the women trailblazing in the world of crypto.