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Attracting more women to the metaverse

Interest in the Metaverse is growing rapidly, with fashion brands around the world taking notice. A new report from tech research and advisory firm Technavio finds that the market value of Metaverse will reach $50.37 billion by 2026. Technavio’s findings further show that his Metaverse market share in the fashion market is expected to increase by $6.61 billion from 2021 to 2026.

For this reason, many major brands are starting to join the Web3 initiative. For example, this year’s Metaverse Fashion Week in Decentraland brought together over 70 brands, artists and designers, including Tommy Hilfiger, Estée Lauder, Philip Plein, Selfridges, Dolce & Gabbana and more. Luxury jewelry brand Tiffany & Co also recently stepped into the Web3 space, where he sold 250 diamond and gem-encrusted pendants for CryptoPunk non-fungible token (NFT) holders.

Understanding what women want from the Metaverse platform

While these initiatives are noteworthy, new findings from The Female Quotient (The FQ) and media company EWG Unlimited show that the Metaverse experience is still primarily geared towards men. The report, titled “What a Woman Wants from Her Web 3.0,” also found that 62% of women surveyed had never heard of or were unfamiliar with her NFTs. On the other hand, 24% of women don’t understand the metaverse.

Findings from the “What Women Want in Web 3.0” report

Shelley Zalis, CEO of The FQ, an equality services and advisory firm, told Cointelegraph that while there is a great deal of interest in women participating in Web3, the experiences the brand offers said she needed to respond more to what she wanted. She said:

“We know that 85% of purchasing decisions are made by women, so if brands want to do this right, they need to design experiences that are relevant to women by creating the types of experiences they want to be part of. For example, from the visualization many metaverse visuals are clunky and unattractive and this needs to be improved.”

Zalis points out that a report from FQ and EWG Unlimited found that one in four women would revisit a metaverse platform if it had an aesthetic. Still, it can be difficult to understand what elements are visually appealing to women. According to reports, currently only 16% of Web3 creators identify as female. “FQ wants to set the stage by encouraging more women to join the business side of her Web3 initiative. If women can design these spaces for women, women will be in the metaverse.” You’ll want to spend more time in ,” she explains Zalis.

In response, Sam Huber, founder and COO of metaverse provider LandVault, told Cointelegraph that from the perspective of metaverse builders, change starts from within. “Female developers are in the best position to know what appeals to a female audience, so it’s important to diversify developer talent,” he said of DressX. This seems to be the case, as female-led metaverse platforms like Metaverse have seen an increase in female involvement over time.

DressX founder Natalia Modenova told Cointelegraph that the digital fashion platform has encouraged creativity from day one, with the platform’s first designer being a woman.

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“Female creators dominate the DressX platform,” she said. Modenova added that DressX has launched numerous projects created and run by women. “One of the most notable is the ‘Feminine Future’ NFT drop created by innovative creative director, VFX artist and virtual fashion designer Katie McIntyre and multimedia artist Nina Hawkins. She was named the world’s leading female VFX artist.” According to Mondenova, the project provided a glimpse into how women can collaborate within the metaverse and create their own aesthetic.

Feminine future NFT drop poster. Source: DressX

From a brand perspective, a spokesperson for the luxury fashion industry told Cointelegraph that aesthetics should be a top priority when it comes to marketing in the metaverse. And you have to be tied to the brand,” she said.

Even with its visually appealing aesthetic, she noted that female engagement in the metaverse is still low, pointing out that many luxury fashion consumers still don’t understand what Web3 means. “People need to understand this space before we can get involved. Studies show that only 30% of women are truly savvy.To address these challenges, the report focuses on accessibility and education for brands to attract female consumers. It emphasizes that it is necessary

“Only 14% of women have access to metaverse platforms like Decentraland and Roblox. Education is paramount to get everyone on board,” Zaris said. Specifically, FQ has found social media to be one of her most useful tools for educating women on her Web3, she explained. “Women need social interaction and community building. Social media is the best way for brands to engage with consumers of all ages.”

Jenny Guo, co-founder of Highstreet, a retail-focused metaverse platform, further told Cointelegraph that individuals familiar with Web3 often use rhetoric not easily understood by the mainstream. Told. As such, she believes brands are hesitant to enter the space because traditional consumers typically don’t understand how these ecosystems work. With the availability, ease of access, and the willingness of brands to experiment within the metaverse, more brands, especially boutique brands, will expand their market into the Web3 world,” she said. I was.

Meanwhile, Guo noted that the Web3 initiative adopted by brands today may still appeal primarily to male consumers. For example, Guo said Tiffany’s recent collaboration with CryptoPunks is a great example of how the company is leaning towards a female-centric label. However, most of the CryptoPunk holders are men, she said. she said:

“By default, Web3 is male-dominated, and I don’t think there are many female-focused brands entering the space right now. Female creators will enter the industry.”

The Metaverse Platform Must Keep Up With Women Moving Forward

Research suggests that the Metaverse experience is primarily geared toward men, but the tables are sure to turn as more brands get involved in the space. The Metaverse of Polygon Studios (the platform serving his Web3 project built on the Polygon protocol), Brian Trunzo, his lead, told Cointelegraph that the Metaverse is a new hub for expanding its product and service offerings. said it was becoming He said:

“Brands can now engage with consumers in a more direct way that doesn’t require travel to a physical location or staff-to-man interaction. Consumers can connect to the digital hub of their favorite brands. to participate in unique Metaverse experiences or shop the brand’s offerings.”

According to Trunzo, this level of engagement would never be possible in the real world or within the Web2 platform, which is why it’s now important for brands to move to Web3. In light of this, Trunzo pointed out that combining expression and inclusivity with aesthetics could be the key to attracting more women to the metaverse. “This could also allow us to participate in this ecosystem without accessibility barriers,” he said.

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Given this, Zaris believes now is the time for women to get involved in building the Metaverse platform. “We want women to be the first to join Web3 before it becomes an all-boys club. We need to get involved early.”

To ensure this, Zalis said FQ will host many in-person events and hold conferences in the metaverse to help educate women in Web3 through social interaction and community building. I was. “We connect her with women in over 100 countries,” she said. According to Shapovalova, DressX plans to host many events and launches and partner with prominent traditional brands to create her in-house 3D fashion collection. “We’re exploring the metaverse through all possible (and impossible) directions,” she said.