The market for non-fungible token digital artworks, or NFTs, is taking over the traditional art industry. In the first six months of 2021, analytics firm DappRadar recorded $ 2.5 billion in NFT sales, showing a significant increase from the $ 13.7 million in sales during the same period in 2020. Christie's auction house reported $ 93.2 million in NFT sales during the first half of 2021. In addition to impressive sales, the NFT OpenSea marketplace, which is reportedly home to 98% of the entire market's transactions, recorded $ 4 billion in NFT trading volume during August of this year.
While the rise of blockchain-based digital artworks is remarkable, many of the artists responsible for creating today's most sought-after NFTs are men. For example, digital artist Mike Winkelmann, better known as "Beeple," made NFT history after selling "Everydays: The First 5000 Days." for over $ 69 million at Christies. Platinum musician "Two Feet" and acclaimed 18-year-old visual artist FEWOCiOUS also made headlines after sale of four collaborative works of art by NFT for more than $ 1 million. It was also important to see that the Argentine designer Andrรฉs Reisinger sold ten virtual furniture for nearly $ 70,000 at an NFT online auction.
Women aim to change "crypto brother" culture through NFTs
While the ratio of male to female NFT artists remains unclear, statistics show that there are considerably fewer women than men. involved in the general crypto sector. For example, a recent survey by cryptocurrency exchange Gemini found that only 26% of women have crypto. Although this is the case, the report also noted that more women than men indicated their willingness to get involved in crypto in the near future.
As such, it is important to note that a number of female artists have started creating NFT projects to showcase growing female participation, while also aiming to push more women into the crypto sector.
Lavinia Osbourne, founder of the "Women in Blockchain Talks" community, told Cointelegraph that the NFT sector can be more attractive to different genders since it focuses on creativity:
โLearning new words like DeFi, blockchain, and crypto wallets, let alone understanding these terms, takes a lot of energy and time. Art, on the other hand, is much more attractive. Many people may not understand what an NFT is and how it works, but they know the art and they know how to be creative. "
To Osbourne's point, Maliha Abidi, an artist, author, and activist, told Cointelegrah that her passion for digital media initially attracted her to the world of NFT. Abidi explained that she has been campaigning for women's rights through her artwork since 2012, but after learning about NFTs, she created a project called "Women Rise."
According to Abidi, Women Rise is a unique 10,000 NFT collection featuring women activists, artists, scientists, coders, and more. The project's mission statement is "to see women move up the blockchain." Abidi added:
โI wanted to make sure that I was starting my journey at NFT celebrating real world women around the world. This project is not just about ethnic diversity, but also about cultural diversity, religious diversity, and diversity in terms of fields where women are breaking the glass ceiling. It is also an extension of the work that I have been doing for the past nine years. "
Abidi plans to officially launch the Women Rise project in late November this year, around the same time as the United Nations' 16 Days of Activism Against Gender Violence campaign. programmed for November 25. "Art is a big part of this project, but it's also about activism and shedding light on the role that women play in real life," Abidi said.
Abidi also commented that she is very excited about the project's plan to give back to various organizations she has worked with over the years. For example, she shared that 24% of the proceeds will be donated to schools in Afghanistan to support female education.
According to Abidi: โTraditional artists are not only limited to women, but also include men and non-binary people. We need to redefine the roles here. The NFT space is for everyone who wants to show their creativity.
Unsurprisingly, there are many female artists who are encouraged to enter the world of cryptocurrencies due to a passion for women's rights and digital media. Lisa Mayer, founder of NFT's Boss Beauties project, told Cointelegraph that the opportunities made possible from non-fungible tokens resonated with her goals of helping empower women:
โBefore launching Boss Beauties, I started a company called My Social Canvas. We created a series of products designed by women, where the proceeds would go to female creators to finance their education. But, in the aftermath of the COVID-19 pandemic, we needed to think of other business models for alternative funding sources. That's why NFTs and digital artworks connected with me and My Social Canvas. "
Mayer explained that Boss Beauties launched three months ago, featuring a collection of 10,000 unique portraits of strong, independent women representing different career paths. โThere are female astronauts, women in STEM, female doctors, racing drivers, and more. The promise here is that all these mixed traits show that a woman can be anything she wants. "
Following the launch of Boss Beauties, Mayer shared that the entire collection sold out in just 90 minutes, demonstrating the financial impact NFTs can have for small business owners. โI was impressed by this because during the pandemic, I had been working hard for My Social Canvas to survive. As a small business owner, I was very excited to see that the collection was selling out so quickly, โshe said.
While the sale of the Boss Beauties collection marked a milestone, Mayer also mentioned that of the 10,000 NFTs created, one was saved for display as a physical work of art on the New York Stock Exchange (NYSE) to celebrate "International Girl's Day, โWhich took place on October 11.
According to Mayer, this is the first known NFT to be shown on the NYSE. โIt will be on display outside of the iconic Muriel Siebert boardroom, which honors the first woman to have a seat on the New York Stock Exchange. Muriel joined the 1,365 male members of the exchange on December 28, 1967, โhe said. Currently, the NFT is being auctioned to fund scholarships and mentoring programs for women and girls in finance.
Efforts to help women overcome "fear of cryptocurrencies"
Although the NFT space appears to be resonating with more women compared to other crypto-related sectors, educational awareness is still needed to drive engagement.
For example, Mayer explained that many of the tech-savvy women in her network are still unfamiliar with NFTs, given that the space is very new. As such, a steep learning curve must be overcome, which Mayer believes will be overcome once women understand the financial opportunities associated with NFTs. "This is an opportunity for a wealth transfer," he commented.
Echoing Mayer, Athan Slotkin, an entrepreneur and investor commonly known as "The Shadow CEO," told Cointelegraph that once again people are aware of the economics behind NFTs and will want to take advantage of them. โBoss Beauties raised about $ 5 million in 90 minutes. People will see this as potential. "
Additionally, Abidi mentioned that education is also necessary to help prevent scams and gatekeepers from infiltrating the crypto space. Referring to the example of the "Fame Squad,Abidi explained that Three Men pretending to be a female-led NFT project was one of her first submissions to the NFTs, adding: โIt was sad to see that a lot of people were supporting Fame Ladies, but that it was actually a scam. The challenge here is that we must have more education and fewer gatekeepers in crypto. "
While education is still required in all aspects of crypto, it is important to note that women-led groups have recently been created to help increase awareness in non-intimidating environments.
For example, Osbourne explained that Women in Blockchain Talks plans to launch a female-centric NFT market soon called "Crypto Kweens." According to Osbourne, the market is being built according to the Rarible protocol and will serve as a place for artists, entrepreneurs, creatives and founders to come together to support each other:
โIt will be a place where others can support them and be part of the movement to make the metaverse representative of women and marginalized groups. Male artists will also be welcome as long as their work is in line with the theme of 'empowering, honoring and elevating the female form.'
In addition to Osbourne's initiative, Hailey Lennon, a partner at the Anderson Kill law firm, told Cointelegraph that she recently formed Crypto Connect, which is a networking group for those involved or interested in crypto and blockchain. Lennon explained that the group's board of directors is led by all women, noting that a strong female presence will help attract more women and men to the cryptocurrency sector.
Regarding NFTs, Lennon mentioned that Crypto Connect's Nashville leader is Evie Phillips, Marketing Director for the NFT NFT Glee platform. Given Phillips' experience, Lennon commented that educational awareness about NFTs will be discussed at upcoming networking events, along with the idea that Crypto Connect memberships could be linked to NFTs in the near future. In turn, both women and men who take advantage of NFTs for themselves are likely to understand the space better.
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