Consumer Goods and Community Totems: Women's PFP Market from Coven

Recently I have been exposed to the Crypto Coven community. This is an entry point for me to observe women's NFTs, and this article will also explain some of my thoughts on women's NFTs from my observations of Coven.

1. About Crypto Coven
Crypto Coven (Crypto Witch) is a group of NFTs that will start selling on Halloween night in 2021. This group of nearly 10,000 witch heads is different, some of them have cat eyes, some have veils, or prophets, or wizards, combined into different styles of female images.

The creators of Culture Witch are two amateur artists in the tech industry. Since its release in November last year, the team has hardly done any marketing for coven, let alone exposure of star collaborations.

But such a Buddhist project has gradually attracted more and more members, and now there are more than 6,000 people in the discord community. Many fans said on Twitter that "this is the best atmosphere I've ever seen", and some people love witches so much that they spontaneously imitate the hairstyles and jewelry of the pictures, and spontaneously make peripherals and promote them on social media...

Many celebrities and Eastern and Western KOLs have also gradually joined the witch family, including Kat Dennings, the star of the Bankrupt Sisters, and Zuckerberg's sister, Randi Zuckerberg, who once changed to witch avatars.

The witch also gradually came out of the circle, and in mid-February, it received attention and reports from the well-known media Business Insider. Such skyrocketing enthusiasm and popularity naturally made the price of witch NFTs continue to rise. Last year, the sale price of Witch was only 0.07ETH (about 200 US dollars), and its floor price exceeded 2ETH, and the current floor price is around 1ETH. For more than three months, a total transaction volume of 7,500 ETH has been reached on opensea.

The topic of "crypto coven" on cultural social media has changed over time

CultureCrypto Coven

2. Minorities: The Women’s Market in the Crypto World
The most distinctive artistic feature of Coven is its feminine style, which starts with its two female founders.

Last summer, Coven designers Aletheia and Nyx got their hands on NFT digital art. They were very interested, but couldn't find an NFT project that would represent female tech practitioners like them. Based on this opportunity, they decided to draw one of their own - thus the witch series.

Behind such market voids is an unequal gender structure in the crypto space.

Men have always dominated the entire crypto market. According to an October 2021 report by Business Insider, only 15% of Bitcoin traders are women, and only 12% of Ethereum investors are women.

The same is true of the NFT market: both the buyers and the creators, the number of women participating in the NFT market is far lower than that of men. According to a November 2021 survey report by art market research agency ArtTactic, as buyers, female users on Nifty Gateway, a digital art trading market, account for only 15%, while as creators, male artists have a significant impact on the NFT primary and secondary market transaction volume. contribution is as high as 77%.