Survey Reveals Great Potential For Women in Web3 Space

Web 3.0 or Web3 is the designation for the third generation of advancements in web technologies. While the World Wide Web remains the foundation for the Internet as a whole, the still evolving Web3 focuses on the decentralization of applications and the use of blockchain-based technologies.

As global interest in Metaverse, NFT and blockchain-based technologies continues to grow, a global survey by cryptocurrency exchange KuCoin shows that over 40 percent of Indian professionals interested in Web3 show a strong passion for the blockchain space. The Journey into Web3 survey further highlights the important role of women in the Web3 space, with 30 percent of Indians surveyed believing that women contribute to the Web3 workplace by thinking long-term and adopting sustainable strategies in their work.

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“One of the most popular terms in the tech industry of 2022 is ‘Web3’, which refers to the upcoming version of the internet that will be built on blockchain technology. The results of our Journey into Web3 survey also revealed that women in India have bright futures in Web3, with an increased interest in a diverse talent pool. We expect more Indians, including women, to join the Web3 space in the near future, which will sustainably strengthen India’s overall Web3 ecosystem,” said Johnny Lyu, CEO of KuCoin.

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But while these revelations show a potentially growing space for women in the Web3 ecosystem, gender bias appears to be a hurdle for women once again. The survey found that, according to 34 percent of respondents, there is a lack of female-led communities in the Web3 space. Challenges faced by women in the Web3 space also include a lack of Web3 educational resources (31 percent) and keeping up with evolving industry know-how (26 percent). The survey further found that building educational resources and communities can effectively encourage more women to join the Web3 space.

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“Indian women have enormous potential to disrupt the Web3 market. But compared to male-led Web3 groups, we’ve found that there are fewer female-led communities. However, the survey shows that women are valued for their ability to build trust in communities and in the workplace, two factors essential to the development of Web3 culture. This means that women’s honest, personable leadership style and long-term mindset are valued more. These capabilities are critical and play a significant role in strengthening the Web3 ecosystem,” said Medha B. Dey Roy, Head of Branding, KuCoin India.

Image is for representation purposes only.

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