Indian women have enormous potential to disrupt Web3 market but lack women-led communities
There is an increasing interest from Indian youth to explore job opportunities in the Web3 industry with over 40% of Indian Web3-interested professionals showing a stronger passion for metaverse, NFT, and blockchain-based gaming space for employment, over-indexing the global average, reveals the findings of a global survey by cryptocurrency exchange KuCoin.
The global survey report, Journey into Web3, also highlights that women play a major role in the Web3 space.
According to the survey, 30% of surveyed Indians think that women contribute to Web3 workplace by thinking long-term and applying 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 has 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.
However, 34% respondents think that the Web3 space lacks women-led communities which is a top challenge for women who are investing or working in the space.
Other main challenges for women entering the Web3 space include the lack of Web3 educational resources (31%) and keeping up with evolving industry know-how (26%). Additionally, 25% think that women worry about the instability and risks surrounding the Web3 space.
Building more Web3 educational resources and communities for women is considered the most effective measure to encourage women to join Web3.
In India, it is particularly important to offer tangible rewards and benefits for female investors and employees as motivations to grow their presence in Web3, notes the survey.
“Indian women have enormous potential to disrupt the Web3 market. But compared to male-led Web3 groups, we found that there are less 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.
The survey further notes that with India progressing successfully towards the Web3 space, which is powered by digital engineering, around 41% of Web3-interested professionals desire to work as developers in the space.
This indicates the scope of job opportunities that Web3 is going to create for Indian youths. 72% of Web3 professionals in India are satisfied with their careers currently and acknowledge the advantages of the industry, such as room for development and innovation as well as enhanced welfare.
Additionally, 60% of the Indian users surveyed, and who have never worked for Web3, are very interested in learning more about the field of employment, mostly driven by opportunities for professional advancement and a better compensation package in the sector.
Marketing, Research and Strategy are the most desired job functions in Web3 in India as over 45% Web3-interested professionals are willing to join.
More than half of surveyed respondents expressed interest in exploring Web3 as a career option, which is embraced for its unique benefits such as abundant space for innovation and professional growth, flexible work location and schedule, and above-the-average salary and welfare package.