FIXING THE METAVERSE FOR WOMEN WORLDWIDE

We now know for certain that as we encounter the Web3.0 golden age, the metaverse will begin taking over all of the world, and the prospect could be seen presently, The metaverse is still in its infancy. Even its concept is dynamic and probable to change in the future. However, the current consensus is that the metaverse is the next iteration of the internet, in which the internet becomes something that people immerse themselves in rather than simply viewing: an evolution from 2D to 3D domains. The prospects are so revolutionary that many experts believe?The metaverse will be worth $5 trillion by the end of the decade.?

But there is one irregularity in the current state of development of the metaverse which is gender influence. According to McKinsey data analysis, women spend more time within the metaverse than men. Men, in contrast, monopolize the sector's leadership responsibilities, abandoning women leaders behind.?Based on the research results,?41% of women have been utilizing the metaverse throughout 2021, whilst men only comprise 34% of the demography. when taking into account the metaverse consumer behavior research,?women tend to be?35% of the polled are power users, splurging upwards of multiple hours.

Women are engaged in blended activities that tie the metaverse to the physical realm like fitness and education.?Men's interests in the metaverse are playing video games, and trading in NFTs and cryptos.?Furthermore, female executives are much more active in putting metaverse projects into action. Female leaders have been 20% extra inclined than male representatives to incorporate metaverse initiatives in and out of brand management, product development, and staff development initiatives.

“We found an already discernible gender gap in the metaverse, similar to the gap that exists in Fortune 500 companies and startups, where less than 10% of Fortune 500 CEOs are women, only 17% of venture capital (VC) dollars go to women-led and women co-led companies, and just 15% of VC general partners in the United States are women,” McKinsey stated.

While women are more resourceful in terms of metaverse utilization and approaches than men, women have still refrained from positions of authority during the development phase. Male-led metaverse businesses receives more financial support than female-led metaverse organizations over the last five years, according to McKinsey research.?

Though this is the initial phase of the metaverse becoming mainstream if we consider the butterfly effect, we can see how severe this could become in the long term. So, instead of putting things off until afterward when things will be much harder to fix, we should start fixing things now so that everyone has equal opportunities regardless of demographics.

Penned by Hamza Nizamuddin