Survey Reveals Great Potential For Women in Web3 Space

Web 3.0 or Web3 is the term given to the third generation of the evolution of web technologies. Even as the World Wide Web remains the foundation for the internet as a whole, the still-evolving Web3 focuses on decentralizing applications and making use of blockchain-based technologies.

As global interest in the metaverse, NFT and blockchain-based technologies continue to grow, a global survey by cryptocurrency exchange KuCoin reveals that over 40 per cent of Indian professionals interested in Web3 show a strong passion for the blockchain space. The survey, ‘Journey into Web3’ further highlights the major role of women in the Web3 space with 30 per cent of surveyed Indians of the opinion that women contribute to the Web3 workplace by thinking long-term and using sustainable strategies in their work.

“One of the most popular terms in the 2022 tech industry 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' poll have also shown that women in India have a bright future in Web3 with increased interests from a diverse talent pool. In the near future, we anticipate seeing more Indians including women joining the web3 space, which will inertly strengthen India's whole Web3 ecosystem,” said Johnny Lyu, CEO, KuCoin.

But even as these revelations show a potential growing space for women in the Web3 ecosystem, gender bias seems to be a hurdle for women yet again. The survey revealed that as per 34 per cent of respondents the Web3 space lacks women-led communities. Challenges that women face in the Web3 space also include a lack of Web3 educational resources (31 per cent) and keeping up with evolving industry know-how (26 per cent). The survey went on to note that building educational resources and communities may effectively encourage more women to join the Web3 space.

“Indian women have enormous potential to disrupt the Web3 market. But compared to male-led Web3 groups, we found that there are fewer women-led communities. However, the survey reveals that women are valued for their abilities to develop trust in communities and workplaces, two factors essential to developing the Web3 culture. This means that women's honest, sympathetic leadership styles and long-term mindsets are more appreciated. These skill sets are vital and play a significant part in strengthening the Web3 ecosystem,” said Medha B Dey Roy, head of branding, KuCoin India. 

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