Jillian Godsil reveals the many perks of working for Web3 companies - and they are hiring!
The world does not move in a straight line. Two years after we recover from the pandemic and lockdown, we are bowled straight into a war in Ukraine which, aside from the terrible human toll, is impacting world reserves in terms of energy and food. At the same time, the rise of cryptocurrency cannot be ignored and indeed in some cases cryptocurrencies are being used in innovative ways to deal with some of these issues.
However, recent turbulent events over the past 10 days precipitated by the collapse of the algorithmic stablecoin UST have brought cryptocurrencies back onto the news pages. But this time with negative results as Bitcoin struggles to maintain 50% of its most recent high of $60,000 along with other beleaguered alt coins.
Those familiar with the volatile cryptocurrency markets are relatively sanguine, unless they were caught with large holdings in the now defunct UST. The other fully-backed stablecoins are holding their own, and there is reasonable confidence in the market.
So what does this mean for employment in this space? To ignore the demise of UST would be ignorant but to overplay the importance is also short-term thinking. The cryptocurrency marketplace is growing. The Cryptocurrency Market: Global Industry Trends report from Research and Markets states that the global cryptocurrency market reached a value of US$1,782 billion in 2021 and is projected to reach US$ 32,420 billion by 2027, exhibiting a CAGR of 58.4% for the period 2022-2027.
World events and UST aside, what is pushing this growth? Increasing digitisation, access to high-speed internet and increasing acceptance of digital assets are traditional drivers, but this is Web 3, so innovation, passion and creativity are also key reasons jobs are emerging in this space.
Web 3 is a very different place to Web 2. In fact, let’s refresh our definitions before we continue. Web 1 is read only (think static websites and the beginning of ecommerce.) Web 2 is read and write (think social media and the gathering of data by tech giants.) And Web 3 is read, write and own or control (think by the people, for the people.)
A quick scan of Web 3 companies online shows the majority are hiring across all areas. Not only are they hiring, but the salaries are also soaring. It is not uncommon for Web 2 giants to offer US $300,000 to rank and file developers, but recent job advertisements for new Web 3 companies have been reported to double that amount.
Tech with finance baked-in
But it’s not just for developers, there are roles across the board in this growing and exciting new sector. And it’s not just tech - this is tech with finance baked in.
What is interesting here too is the ability to extend wealth creation along with salaries. Many projects in Web 3 have their own token. This gives rise to equity in the project through allocation of tokens. Many projects have large treasuries, which if successful can amplify salaries well beyond annual increases.
The downside is that if a project is not successful then the tokens may have little or no value, but employees can have a direct impact on the project. In the decentralised Web 3 jobs market, employees can work across a number of areas, mixing finance with marketing and sales – many roles have flexible characteristics which can make for a more varied work experience.
In addition, there is a huge demand for experts in tokenomics – the economics of each token. This is where finance meets crypto meets new economics. And while this is a new profession, the underpinning of strong financial experience is essential to tackle the new world of token financial planning.
It’s also important to note that while these roles are complex, they are new. Committed financial professionals are learning on the job, while being well paid.
The pandemic resulted in widespread remote working, but this has been the cornerstone of Web 3 companies since their inception. Decentralised operations are commonplace with employees scattered across locations and time zones. This can result in unorthodox working hours, but it enshrines the right for workers to stay at home if desired. Typically, all that is needed is a good wifi connection, and the new Web 3 jobs can be performed anywhere.
Finally, this is a sector based on passion. The value of any project and its token is based on the activity and efforts of the team. We speak about Gen Z only wanting to work where their values and culture is aligned, well here in Web 3 there is a project with your name on it. You just have to take a look.