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Home / Business

Comment: Women must be bold with NFTs, blockchain, crypto and other new technology

By Hilary Walton
NZ Herald·
20 Mar, 2022 04:00 AM5 mins to read

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Hilary Walton, chief information security officer at Kordia. Photo / Supplied

Hilary Walton, chief information security officer at Kordia. Photo / Supplied

Opinion

COMMENT:

Do you feel a little uneasy when someone starts talking about cryptocurrency, blockchain or NFTs?

My background in psychology tells me more women answered "yes" to that question than men.

The statistics back this up too. Only 16 per cent of NFT artists are women, and these have accounted for just 5 per cent of NFT sales. Further to this, twice as many men invest in cryptocurrency compared to women.

I know a lot of people think the crypto world is stupid, I'm not here to convince you otherwise. But we should all be concerned when women take a back seat with emerging technologies.

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This has happened before, and it's a big reason why today's tech industry continues to be dominated by men despite conscious effort to turn things around.

The tech shift we are seeing at present is equivalent to the birth of the internet and online shopping.

When the internet came out most people thought online shopping was a ridiculous idea. When social media rose to prominence most people laughed at the thought of growing their business on a platform designed for sharing selfies and posting mundane status updates.

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Yet now it's hard to think how business would work without the internet and social media.

Now, research from New Zealand's Financial Service Council shows one in five Kiwis plans to or has invested in cryptocurrency.

Terms like Blockchain, NFTs and cryptocurrency are entering common conversation, with celebrities including Snoop Dogg and Elon Musk helping to surge their popularity.

Go a layer deeper and crypto-based Decentralised Finance (DeFi) networks have built a US$100 billion industry that is beginning to challenge traditional banks.

Simply put, it's all way too big to ignore how it's going to shape the future of technology.

There was US$3.5b of NFT sales recorded in the first nine months of 2021 and the positions of power are quickly being taken up by men. The lack of diversity means there is much at stake for women not yet jumping on the trend.

So why aren't women jumping on board? That's a complex question and something we need to work on as a society.

When you are riding the early adoption wave of new technologies there is an element of having to be brave. You need to stand out and be able to put your view out there or to speak back to people who question what on earth you are doing. You need to be open to ridicule and criticism.

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It takes me back to when I was a schoolgirl, not wanting to seem too bold or bright when socialising with boys.

The truth is, there has always been a degree of bias in society around technology, and a deeply entrenched belief that it's a realm best suited for men. For many women, venturing into this world has meant casting off perceptions with an element of bravery, and having to be content with being one of the few females in the room.

It doesn't have to be that way. Women shouldn't have to fight to feel welcomed into this space. We can level the psychological playing field and break these instinctual habits in young women but, for change to happen, we need to stop and adjust our own behaviour. That means recognising and correcting any biases that are creeping into the way we talk about technology to girls.

Children form ideas about gender stereotypes by observing how the adults around them behave. They automatically pick up society's division of labour and leisure in the home and at work, and this begins to trigger conclusions around the underlying traits that make us suitable for particular pursuits.

It starts early - too often we steer girls towards more feminine toys and interests – and while there's nothing wrong with playing with dolls and make-up in theory, we need to balance that with a wide range of other play.

Introducing girls to coding and encouraging them to enjoy technical subjects at school like science and mathematics can lay the foundation. A further layer of support with encouraging language, celebration, role models and mentoring as these girls reach secondary school level will build further confidence.

The journey continues in the workplace. Businesses need to make a conscious effort to eliminate the stigma around women in technical roles and create a more level playing field for women to succeed. We need to encourage more women to rise to senior technical roles and support them as they move through life events such as having children, to ensure they retain their careers.

All men and women must do what they can within their own environment. This is a cultural shift that needs to happen.

Most importantly, if you're a woman reading this who has shied away from a conversation about crypto or any new technology, next time I encourage you to ask a couple of questions. Be bold and give yourself a chance before turning your back on the topic.

Hilary Walton is a trained psychologist and chief information security officer at telecommunications company Kordia.

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