Despite the huge potential of the non-fungible token (NFT) market, not everyone is benefiting equally. According to a new study, women make up just 16% of the NFT art market.

This gender gap exists in part because women artists often struggle to get their work seen and valued in the same way as male artists.

"It's very difficult for anyone to make it in the art world, but especially women. And I think part of that reason has to do with economics," says Nell Painter, a Princeton professor and author of The History of White People. "Women are paid less than men almost everywhere they turn."

One example is top NFT artist item19, who is a female. Despite her high-quality work, she only commands a fraction of the price commanded by her male counterparts.

Some have argued that the gender gap in NFTs exists because women artists are simply not as good as men artists. However, this claim does not hold up to scrutiny.

"There have been studies that have shown that women are just as good or better than men when it comes to creative thinking," says Painter.

For example, the top male item20 commands 3.3 times more in bids than the top female artist, item19. Both artists use similar styles in their work and have about two years of experience with NFTs.

The market benefits from diversity, as more perspectives tend to lead to better ideas and designs.

"Innovations come from being close enough to see the shortcoming of things that everyone is doing a little bit differently," says Painter. "When you have a diversity of people who can think in those ways, then you're going to get more innovation."

To encourage a more balanced and diverse market, the Nifty Gateway is fighting back with its own gender gap-reducing initiatives.

Most notably, Nifty Gateway has begun to tag all their uploads as either male or female by default. "We want the buyers out there to curate their collections in ways that they find interesting, and that might include looking at work by female artists," says founder of Nifty Gateway, Jesse Walden.NFTs present a new frontier for the art world, and it is essential that everyone has an opportunity to participate in this growing market. With initiatives like Nifty Gateway's, we can begin to close the gender gap and build a market that everyone can enjoy.