The World of Women NFT project has teamed up with startup The Sandbox to launch a way to promote female inclusivity and representation in Web 3 and the metaverse. Dubbed the “WoW Foundation,” the initiative will receive $25 million in funding over five years, with the money going towards education and mentorship.
Digital illustrator and non-fungible token (NFT) artist Yam Karkai launched the World of Women network with her partner Raphael Malavieille in July, dropping a collection of 10,000 diverse female NFT avatars. According to the group, research published in November shows female artists accounted for 5% of all NFT art sales in the prior 21 months.
World of Women has seen a dramatic rise to the top of the NFT charts since its launch in November, touting a 7.1 ETH (roughly $17,500) floor price on secondary marketplace OpenSea. The project has benefited heavily from promotion by actress Reese Witherspoon, whose media company Hello Sunshine partnered with the project in February.
The WoW Foundation will use the funding to launch a virtual academy for artists and invest in diverse and inclusive spaces for women in Web 3 within the metaverse. The group said it aims to encourage more female participation by acting as an incubator and providing advice, funding, mentoring and access to The Sandbox network. The Sandbox is a subsidiary of blockchain gaming giant Animoca Brands.