Metaverse Gender Gap Similar to Fortune 500 Companies

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  • The gender gap witnessed in Fortune 500 companies has crept into metaverse-focused projects
  • A report by McKinsey shows that men control virtual platforms despite women visiting them in large numbers
  • More women than men are also exploring these platforms for longer timeframes

A report by consulting firm McKinsey has revealed that the number of top leadership roles held in metaverse-based projects compares to the gender gap found in Fortune 500 companies. This is in spite of more women interacting and spending more time in the virtual space compared to men. Despite men holding executive positions, women-led projects launched more metaverse products than projects with male bosses.

Women Have More Appetite for the Metaverse

According to the survey that involved 1,928 participants, 41% of women respondents said they had interacted with a metaverse platform for more than 12 months. Only 34% of male respondents disclosed such an appetite for a digital world.

McKinsey also noted that 60% of female executives brought more metaverse-based initiatives to life compared to 50% of men-led projects.

Women Use the Metaverse, Men Control the Space

Despite more women being involved with metaverse platforms, men still dictate the rules in the space. For example, male-led metaverse projects received 95% of all funding poured into the space since 2017. The gender discrepancy can be seen in metaverse-focused bodies such as the Open Metaverse Alliance for Web 3.0 (OMA3) where 90% of them are spearheaded by men.

The report noted that the disparity in leadership roles in the virtual world was a reflection of what was happening in leading companies around the world,” where female CEOs only account for a small 10%. While acknowledging that the metaverse can bring tremendous advantages “to the global economy,” the authors added that the disparity should be addressed to bring a mix of voices that’s necessary in “shaping the metaverse today.”