Maliha Abidi, an artist and women's rights activist, is an expert at utilising digital technologies. When she discovered non-fungible tokens (NFTs), she immediately recognised them as a potential means of reaching a broader audience and increasing the visibility of women artists.
Abidi, 25, was born in Pakistan and immigrated to the United States as a teenager. A few months ago, she created her first NFT – a type of asset that uses blockchain technology to track ownership of digital items such as images, videos, and collectibles.
The activist from the United Kingdom is about to launch Women Rise, a campaign aimed at introducing 100,000 girls and women to cryptocurrency by the end of 2022.
She is one of an increasing number of female artists, coders, entrepreneurs, and investors who embrace cryptocurrency and NFTs and advocate for other women to join the blockchain movement and help close the gender divide in this rapidly expanding space.
"When I first heard about blockchain, I was sceptical that it was a good fit for me.
"However, I was drawn to the art and recognised that artists can contribute to this and that it can be an inclusive space for women and people of colour," she explained via video call.
"NFTs provide an opportunity for individuals who have not previously been able to invest in or sell their artwork in the traditional manner. Because cryptocurrency and NFTs are a means of achieving financial independence, it is critical for women and girls to be aware of them," she explained.
While large institutional investors drove bitcoin to new highs this year, adoption of cryptocurrencies has increased among younger investors and in developing countries, where anyone with a mobile phone can circumvent the formal banking system.
According to platform BrokerChooser, India has the most cryptocurrency owners in the world, with approximately 100 million, followed by the United States with approximately 27 million and Russia with approximately 17 million.
Meanwhile, according to market tracker DappRadar, NFT sales increased nearly eightfold to nearly US$11 billion (RM45.7 billion) in the third quarter of 2021.
However, according to a recent survey by CNBC and Acorn, more than two-thirds of US cryptocurrency investors are men, and about 60% are white, a gender divide that is wider than in other financial investments like stocks, bonds, and mutual funds.
While an Indian cryptocurrency exchange reported that women made up only 15% of its users.
"The crypto world appears to mirror the technology and finance worlds in terms of gender; there are women in the space, but it is heavily male-dominated," said Angela Walch, a research associate at the University College London's Centre for Blockchain Technologies.
"As cryptocurrency becomes more mainstream, it is critical to have a diverse set of perspectives involved in developing and operating the systems in order to make more informed decisions," she said.
According to the United Nations' technology agency, fewer than half of women worldwide use the Internet, compared to 55% of men, with the disparity widening in poorer countries (ITU).
Similarly, according to the World Economic Forum's annual gender gap report, women globally lag behind men when it comes to managing and accessing assets or financial services.
With its decentralised structure, blockchain technology – which underpins cryptocurrency and NFTs – has been heralded as a path to a more just, transparent, and inclusive world.
And cryptocurrencies are rapidly moving from the fringes of finance to the mainstream, as investors, businesses, and governments adopt them as an asset, a payment vehicle, and a hedge against uncertainty and hyperinflation.
Meanwhile, NFTs have attracted celebrities, artists, and investors, with the sale of a digital collage for more than US$69 million this year recording the highest-priced NFT sale to date – despite the fact that the number of NFT buyers remains relatively small.
However, while cryptocurrency has attracted a diverse range of demographics, women account for less than a fifth of US investors, according to a CNBC poll.
Black women – who have historically been excluded from a variety of investment sectors – account for just 4% of cryptocurrency investors.
This is why Lavinia Osbourne, a British entrepreneur, founded Women in Blockchain Talks as a space for women. She also plans to launch an NFT marketplace for female artists, entrepreneurs, and collectors called "Crypto Kweens."
"Inequity is ingrained in society in such a systematic way that people bring their prejudices into every aspect of life," she explained, adding that she had encountered bias "dripping with racism."
"This is why it is critical for diverse voices to be included in the blockchain conversation – otherwise, we will see a replication of the inequality that exists elsewhere," she said.
Women NFT artists and collectors use Twitter handles such as @crypto chicks, @NFTgirl, and @BTCbombshell to promote their work and encourage one another.
Numerous women and girls-related charities are also supported by many.
Their work is gaining attention: last month, the New York Stock Exchange displayed a physical version of an NFT from Boss Beauties, a collection of 10,000 NFT portraits of women.
While Tavonia Evans, a data scientist based in the United States and known on Twitter as @cryptodeeva, created Guapcoin, a cryptocurrency designed to "amplify the economic voice of the Black community."
"The crypto world is an extension of the technology industry, which has a massive diversity gap," she explained, adding that access to capital remains a significant barrier for women of colour.
"That is why we founded Guapcoin – to focus on our own underserved community and do our part to close the divide," Evans explained. Evans is a member of the National Policy Network of Women of Color in Blockchain, which advocates for greater inclusion.
These types of efforts will contribute significantly to closing the gender divide in blockchain, according to Walch.
"There are a number of well-respected female leaders in the crypto space who wield significant influence within the industry and have credibility with policymakers," she explained.
"Their success should serve as an inspiration for other female crypto enthusiasts."
While many prominent female cryptocurrency investors and artists are based in the West, more women are entering the space in countries such as India, where artists such as Sneha Chakraborty and 14-year-old Laya Mathikshara are rapidly gaining traction.
"When I first started, it took me a long time to find women, particularly women of colour, and to get my questions answered," said Abidi, who was looking forwards to meeting many of her peers at the National Federation of Teachers' annual conference in New York City.
"However, once you get past the white male gatekeepers, you'll discover a wonderful community of women." "I believe cryptocurrency has the potential to make a significant impact on women's rights," she stated.
