Women + Web3: About a Merit-Based Space, Some Systemic Challenges, and a Fifth Wave of Feminism
Image depicts a part of a paining by Yue Minjun, a Chinese artist that can be grouped in the Cynical Realism movement. His brightly colored depictions of maniacally laughing figures are influenced both by Pop Art and Surrealism. His works act as a tacit form of social and political critique.
Introduction
For the past 300 years, women have contributed to advancements in science, technology, engineering, and mathematics, hereby persistently influencing the tech landscape and the world itself. One of the first computer programmers was Ada Lovelace, known for writing the first algorithm. Lovelace was born in London in 1815 and was encouraged by her mother to study mathematics and science. Her work on Charles Babbage’s Analytical Engine extended to not only computing numbers, but also complex problems. Her contributions laid the groundwork for modern computing. Lovelace and women in STEM fields are celebrated annually on Ada Lovelace Day, every second Tuesday of October. Interestingly, the native cryptocurrency of Cardano, ADA, is even named after her.
Another example. Referred to as a “human computer,” Creola Katherine Johnson was one of the first black women to work at NASA. She proved significant to the success of early US crewed space flights for her orbital calculations. Johnson was born in 1918 in West Virginia where she received a bachelor’s degree in mathematics and French from West Virginia State University at the age of eighteen. She was able to solve complex calculations manually. Her story was made into the film Hidden Figures.
Sometime later, a computer scientist named Adele Goldberg was one of the co-developers of Smalltalk-80, a programming language created for educational use and emphasises modern graphical interfaces. Goldberg was born in Ohio in 1945 and received her bachelor’s in mathematics at the University of Michigan, and a master’s and PhD in information science from the University of Chicago. She would later work at XEROX in the Learning Research Group where her team created computer designs for children’s education. Crucially, this very technology would act as the basis of knowledge for many programming languages including Python, C, and Java.
Some of the achievements and contributions of women in STEM have faded into the background, but remembering and reflecting on their lives and work is an important piece of the present. It reminds us of the potential and capabilities available to women in STEM, because, even today, the participation of women, in comparison to their male counterparts, makes up a notably lower fraction of roles in tech. And increased female participation is not a given. An article by Women in Tech points out that “In many ways, the beginning of the 20th century was more progressive for women in tech than the latter half” (The History of Women in Tech). To that point, additional research shows that the proportion of women in tech has decreased over the years. Indeed, “[...] in 1984, women constituted 35% of the tech workforce, yet by 2020, this figure had dwindled to 32%” (Women’s influence across Web3 and tech positions).
Women AND Web3: A Fifth Wave of Feminism? Beyond empowering those working with technology, technology itself can be leveraged for female advancement. Feminism is a word with colorful connotations today, but arguably began in July 1848 in Seneca Falls, New York when five women organized the Seneca Falls Convention to advocate for the equal rights of women. This has widely been considered the start of the first ‘wave’ of feminism. The proceeding waves continued to rally behind securing equal rights for women through legislation and accountability. Put briefly, the second wave re-evaluated traditional gender roles in society and sought to end sexist discrimination, whilst subsequently, the third wave tackled continual problems including workplace sexual harassment and a lack of women in power. Lastly, the fourth wave seeks accountability (also through digital activism and digital means more broadly) and turns its attention back onto the system allowing such misconduct in the first place.
The emergence of the internet has already done wonders in giving marginalized voices a chance to be heard. Yet, quite possibly there could be a fifth wave — spurred by Web3 — in the making, empowering women through blockchain-based technology. Indeed, through decentralized technologies like blockchain and its corresponding crypto assets, Web3 (used as an umbrella term) poses substantial opportunities for all participants, irrespective of gender, to engage in socio-economic systems. For many women across the globe, this technology could be particularly transformative, providing new pathways to financial independence, entrepreneurship, and decentralised finance. Why? In many regions, women have historically lacked the necessary infrastructure and resources to participate to their full potential. This is where Web3 can create alternative routes from traditional career options that allow for financial inclusion and growth through one’s own efforts. This might very well set into motion a cycle of growth and further empowerment beyond the Web3 space itself, given that it is well-documented that economic development directly facilitates social mobilisation.
That’s the theory. How about the in practice? Fundamentally, “blockchain is a gender-neutral technology” and, thus allows anyone to participate, no matter who you are, from anywhere in the world. As long as you have internet access, women can tap into the industry and begin exploring what other opportunities are out there. But what is the norm for women versus the Web3 space, you wonder? That depends who you ask, when, and where! For instance, in the crypto world more broadly, 26% of investors are women whilst a report from security.org notes, “our survey found that 67% of current cryptocurrency owners are men, and just 33% are women” (2025 Cryptocurrency Adoption and Consumer Sentiment Report). Moreover, this ratio will vary among countries and market cycles.
Looking more at female professionals, according to Cointelegraph, in Web3 “women have been involved in developing various projects, communities and brands in the crypto space”. Indeed, women lead “strategic direction, oversee financial, operational and technological aspects and ensure the company’s fiscal health and sustainability” (Cointelegraph). For leadership roles in Web3, according to the Cointelegraph figure below, in 2022, 25.3% were held by women. Women are thus working in a variety of roles in the Web3 space, however, the trend of female entrepreneurship is still glaringly low: only 13% of founding teams include women, with just 3% being all-female teams (BCG). And when it comes to funding, all-male teams raise nearly four times more capital than all-female teams. Zooming in at NFT space specifically, research shows it is heavily male-dominated with only 16% of NFT artists being female, who account for just 5% of all NFT sales (CCN).
Additionally, as the Web3 space matures, we do note that women are becoming more involved in technical roles, although they appear to remain significantly underrepresented. Precise tech-related numbers lack for the Web3 space specifically (apart from this report that notes that women in the Web3 space are mostly in non-technical roles, representing only 27% (Cointelegraph)). Is this unique to Web3? No. The gender gap is even more pronounced in other tech sectors. For instance, according to a Forbes article, only 20% of technical roles in major machine learning companies are held by women. Globally, just 22% of AI employees are female, and only 12% of AI researchers. In fields like data science and software development more broadly, the male-to-female ratio also remains skewed, with women representing only about 23% of global developers (Cointelegraph).
Women are thus working and building in Web3, yet it appears that for higher level (entrepreneurial) positions and tech positions the percentages drop (albeit rising year on year). Naturally, many women who joined the space as investors or community members ultimately join the industry as professionals and some of them even turn into founders and executives over time, indeed bending the trajectory of working with the tech towards working in Web3.
Women’s influence across Web3 and tech positions - Cointelegraph Women IN Web3: a Business Perspective
Women's involvement in Web3 and the tech industry offers a range of advantages (from diversifying skills and knowledge to improving management and sales), most of which are readily well-documented. Broadly speaking, gender diversity can create a more balanced and innovative environment, which ultimately contributes to the overall growth and success of Web3. More specifically, a diversified team can benefit from a broader range of ideas, knowledge, experiences, and connections.
Along this same vein, teams benefit from improved management. Gender diversity isn’t just a “nice-to-have” in leadership — it drives actual business outcomes as research shows that female-led companies and teams tend to grow at an impressive rate. For example, “deals of female-led companies grew more than double and as fast as male-founded companies in the Europe region”. Additionally, “the data shows that embracing diversity and inclusion not only fosters innovation but also leads to far more creative solutions and better economic performance” (Forbes). What’s more, for many companies, their products and services will be used by a variety of audiences. So having an understanding of user preferences comes from having a variety of people working behind the project or product (even beyond gender, we’d argue). Including women in the development process of products, projects and protocols ensures that the end-product meets a wider range of preferences and needs, which may further drive broader adoption of Web3 technologies. Indeed, “[having women included] affects everything from how products are developed to user interfaces and even the adoption of Web3 innovations by the wider Web2 community” (Cointelegraph).
When women are in positions of power, companies thus become more resilient, adaptive, and successful.
What are women in Web3 noting themselves? In the article from The Korea Times, Lee Yeon-woo interviews Korean women who have traded their corporate jobs for one in Web3. For one interviewee, this means having greater flexibility in her daily life where she can attend a parents’ activity for her child and continue working from a cafe or while traveling. Arguably, the highly remote nature of Web3 is another attractive element of Web3, especially for women (and men!) who are or might be taking care of children. The industry is not perfect nor always stable, yet it oftentimes provides individuals with freedom and global opportunity. Put one way, “'the nascent industry offers both pros and cons, but it depends on how you navigate it” (The Korea Times).
Another interviewee, Lee Eun-jin, explains how working in Web3 can give more opportunity to progress, she says, “my goal isn’t just to succeed, but to keep growing. While comfort and stability have their place, I value being in a field where I can continuously learn, evolve, and stay inspired – and that’s exactly what Web3 offers”. And that matters to many people across the globe. For instance, in many Korean companies, the structural organization is based on a hierarchy where advancement is sometimes only possible just given how long someone has been there. In this sense, Web3 may offer more flexible and rewarding careers — in terms of ambition and financial reimbursement — for anyone looking for alternatives to traditional career pathways. Mirroring what was noted above on the merit-based nature of the Web3 industry, Xangle Lee adds in the same Korea Times article that “rather focusing on who I am, this industry evaluates what I contribute. It may feel a bit impersonal, but I actually find it more comfortable, especially as a woman”. And that sense of merit-based equality matters to many across the globe. For instance, in the OECD 2023 Gender Wage Gaps report, South Korea ranked #1 for full-time employees at nearly 30%. This means that in 2023, the wage difference between men and women in South Korea was nearly 30%, (whereas the OECD index averaged at around 12%). Wage and the positions available in Korean companies may be less available to women than for their male counterparts, thus, pivoting to Web3 may provide additional avenues for equal footing.
Yet with the benefits to companies, why are the numbers regarding female inclusion and participation still low, specifically relating to entrepreneurship and leadership roles? A lot can be said for reasons that go beyond the scope of this paper, yet one might look at the disparity in investment. In a report by sifted, it notes that “male-founded Web3 startups raise almost four times more capital than those founded by women”. Alongside various reasons, including the type of projects that are most commonly built by women, many investors tend to be male, and decision makers are more likely to invest in people who resemble them (Kanze, Huang, Conley, & Higgins, 2018). The same goes for company decision makers appointing individuals for roles (Leung & Sy, 2019), arguably also in Web3. Ultimately, we are all humans, and most humans bring about implicit biases.
Aside from funding and decision-making matters, women still face workplace-related biases. This may arise out of a competitive labor force and limited opportunities, especially during bear markets. Indeed, the sifted article noted above adds that “while men are often judged on potential, women are scrutinised based on performance”. This is not a challenge of Web3 alone, but remains embedded from earlier disparities in gender roles and the gender wage gap. The existing gender gap, alongside other matters such as low funding, burnout, or workplace stress (Jobbio) may pose a systemic challenge for some women in the Web3 industry, albeit not for all.
Industry Initiatives versus Femwashing
What can the industry do to onboard and spur more women, even if to hereby grow and spread the adoption of Web3 alongside all the other rationales discussed above? Many activities are already underway. From an adoption perspective, female communities and initiatives are becoming an important step in onboarding more women to the space and shaping the inclusivity ethos. For example, in the 1,000 Dreams Fund, help is given to women in need to pursue their dreams by providing access to education, mentorship, and career readiness. There are also communities such as Women of Web3, which provide learning resources, workshops, and speak with female leaders to help women get more involved in the space. A somewhat self-empowering and educational initiative, DLT Talents, is hosted by the Frankfurt School Blockchain Center. In Thrilld Labs' community, EcstaSHE, women are united to discuss and walk the talk. It is an initiative to grow a business community for female Web3(-oriented) professionals, leaders, and executives. All these, and many other initiatives are important for more outreach and bringing women into the space. And for bringing more visibility to the topic. In a Mural article, twenty women working in Web3 were highlighted for their achievements and may very well inspire others. That is because “outstanding women can function as inspirational examples of success, illustrating the kinds of achievements that are possible for women around them. They demonstrate that it is possible to overcome traditional gender barriers, indicating to other women that high levels of success are indeed attainable.” (Penelope Lockwood, Psychologist).
These grassroots movements and visibility initiatives are all exciting, yet like anything else, due diligence is key. There can be a lot of talk, but what is also needed are actionable steps for women to really sit at the table. And ideally those steps should make some substantial difference in people’s lives. “Femwashing” as we call it, promises well, but real systematic issues are at times left unaddressed. For example, the initiative to invite more female speakers to Web3 events sounds promising, but in reality, it might be more about increasing numbers to check a box than pushing for deeper change. Promoting diversity through female panels, workshops, or media appearances may serve short-term goals of visibility, but often fails to make meaningful changes in the underlying structures of the industry. After the applause dies down, does the woman in question get sustained support, leadership opportunities, and equitable pay? Instead of true empowerment to make decisions that affect the course of Web3’s development, women may simply act as figureheads to signal diversity without real substance behind the gesture.
It is essential to grasp that diversity in the spotlight is only the first step; without a clear and sustained commitment to structural changes, these initiatives risk becoming "performative" — where the appearance of progress takes precedence over genuine, long-term impact. Real inclusivity is not simply about more women at events or more female speakers/developers/entrepreneurs, but about creating an ecosystem where women have equal access to funding, mentorship, leadership roles, and will have a genuine — if not the main — seat at the decision-making table. Worldwide, merit-based, and fairly obtained without barriers imposed by whatever other entity.
Crucially, “[...] in the societal realm, to be of any long-term effect, the re-appropriation of power by individuals must be accompanied by an increase in the level of consciousness and collective intelligence. As in anything, with power comes responsibility.” (Why Blockchain Technology is Empowering Women). Whilst we cannot force powerful actors to play their hands,, we might suggest a modest call-to-action, via which investors and for-profit companies specifically are encouraged to not only make publicly visible the inclusive and female participation initiatives they are putting together but also to showcase in numbers, transparently and consistently, what is truthfully being done with their profits, board seats, and funds.
Conclusion
For hundreds of years, women have contributed significantly – and persistently – to the STEM and tech fields setting examples that challenge traditional status quos and barriers. It is difficult to deny that technology plays an important role in accelerating women’s advancement and allowing for the very possibilities for development in the most practical terms.
Blockchain technology provides new opportunities that are equally open to anyone. Simply put, anyone from anywhere can access the Web3 space as long as they have an internet connection. Unlike those other industries, Web3 is built on a technological architecture that is gender-neutral, inclusive and transparent and allows for entrepreneurialism and jobs on a global level playing field, not to forget about investment opportunities and financial infrastructures that are opened up alongside it. The digital-nature and rather early stages of the industry also make it ideal for almost anyone to get involved which subsequently enable ever-more financial independence and agency. Women can explore a variety of alternative paths in Web3 and, significantly, shape the development of the industry itself; through their independent careers, with each other, and with other industry stakeholders.
Crucially, there are barriers for equal participation in Web3 for women (as with many industries), including those relating to funding, leadership positions, and biases, yet there are many initiatives that aim to equip women with the knowledge and resources to succeed in Web (not that they always need them though) and inform men and others about these very matters whilst they are at it. We all have a responsibility here, not in the last place those in power and those gathering the lion’s share of the yields in Web3. As women are finding and building their own opportunities in the space, time will tell if Web3 can live up to its potential as an enabler for a fifth wave of feminism.
Web3 is largely a merit-based space, yet we can also help each other ever-more actively. One way we try to enable this at Thrilld Labs is through our female powered community, EcstaSHE. Join EcstaSHE today.
References
Image depicts a part of a paining by Yue Minjun, a Chinese artist that can be grouped in the Cynical Realism movement. His brightly colored depictions of maniacally laughing figures are influenced both by Pop Art and Surrealism. His works act as a tacit form of social and political critique.
The Hidden History of Women in Tech | Megan Smith – Youtube TED Why Blockchain Technology is Empowering Women – policycenter.ma
OECD 2023 Gender Wage Gaps – OECD
Pioneering Korean women embrace Web3 opportunities – The Korea Times
Top 20 Women in Blockchain 2024 – Mural
What’s really driving women out of leadership roles and the female tech founders inspiring change – Jobbio
The Web3 gender gap, by the numbers – sifted
Women’s influence across Web3 and tech positions – Cointelegraph
Do Women Matter In Shaping Web3 ? – Forbes
Women In Tech Stats: How The Industry Can Provide Equal Opportunities – Forbes
Empowering Women In Web3: Bridging The Gender Gap For Progress – CCN
Women Are Being Shut Out of Web3 with Only 13% of Founding Teams Including at Least One Woman, and Only 3% of Companies Have a Team that Is Exclusively Female – BCG Femwashing - Journal of Consumer Behaviour
2025 Cryptocurrency Adoption and Consumer Sentiment Report – security
7 blockchain project ideas for women – Cointelegraph
The History of Women in Tech – womenintech
Women in Tech – womenintech Kanze, D., Huang, L., Conley, M. A., & Higgins, E. T. (2018). “We Ask Only Business: The Case for Addressing Gender Bias in Entrepreneurship.” Administrative Science Quarterly, 63(4), 1067–1103 Leung, K., & Sy, T. (2019). “Gender Differences in Leadership Network Structure and Outcomes.” Journal of Leadership & Organizational Studies, 26(2), 132–147
