In 2022, according to the Metaverse Post’s Metaverse Fundraising Report, Web3 startups raised over $7 billion in funding, with Web3 gaming garnering 62% of the capital investment. The metaverse raised $1.8 billion, and social networks raised $259 million.
Traditionally, people have been wary of joining startup companies because of the high risk of failure, but Web3 is turning our thinking on its head. In addition, we are fast becoming eager to become part of Web3s’ growth and transform our careers by working with Web3 startups.
The Metaverse Post took into account the following sectors of Web3 startups: –
- Artificial Reality (AR)
- Artificial Intelligence (AI)
- Virtual Reality (VR)
- The Metaverse
- Social Networks
Even though the cryptocurrency industry took a staggering nose dive in 2022, Web3 startups didn’t slow down. We saw the demise of FTX, a leading cryptocurrency exchange with over a million users. Cyberhackers had a party and took over $2 billion in assets from Web3 companies. It was a rough year for the cryptocurrency industry.
Moreover, at the beginning of January 2023, industry giants Coinbase, Crypto.com and Kraken cut thousands of jobs and blamed the FTX collapse. It seems crazy that many startups are launching during a bear market, yet it’s happening. In addition, prominent investors are putting a lot of money into Web3 startups.
Examples of Web3 Startups Investments
Epic Games: LEGO owner Kirkbi and Sony funded with a $2 billion investment. Epic Games‘ valuation was $31.5 billion at the end of 2022.
Bored Yacht Club: Raised $450 million to launch the Otherside Metaverse
Venture Capital Firms Invested in Web3 Startups
- Paradigm: Invested $2.5 billion in 31 projects
- Andreessen Horowitz: Invested $2.2 billion
- Hivemind: Invested $1.5 billion
- Binance Labs: Invested $1 billion
The point of delving into Web3 investment is that venture capitalists do not invest their cash if they don’t have faith in a project. Likewise, they are not averse to high risk if the potential exists for rapid growth and high rewards, a possibility that most Web3 startups can boast about.
Why are People Choosing to work with Web3 Companies?
Web2 tech giants, Google, Amazon, Apple, Facebook and Netflix are the top names for applicants searching for their dream jobs. However, it’s not unrealistic to be optimistic that any one of the Web3 tech startups of 2021/2022 could become the next big thing.
Web2 working is no longer acceptable for many employees, which led to the great resignation in 2021, with millions of employees aged between 30 – 45 years old leaving on mass.
Web2 working conditioned us to focus on salary, but the Covid-19 pandemic changed our perspective. In Web3, people are more driven to find satisfying work that offers an excellent work-life balance and a decent salary. We want it all, and why not? It’s out there in Web3, so go get it.
Employees want ownership of their work, responsibility for projects and payment that reflects their innovation and results. You might get lured into working with Google with its super modern environment and amenities. You’d love the luxurious perks of top-quality catering, with free food, snacks, juice and coffee bars. and attending free classes in the Google fitness studio, such as martial arts. In addition, you can even bring your pet to work, take a shower or hire a nap pod when you need a break from work.
Maybe you’ve stopped reading this post to submit your application form to Google. I agree. It sounds fantastic, especially the nap pod. Still, at some point, it’s not enough. Despite the unique environment, it sucks you into believing you have worth, but do you own your work? Probably not, and that’s when you start questioning your discontent. How come you aren’t happy? After all, it’s your dream job; everything is at your fingertips, yet there’s still a feeling of unease.
Is there a Future in Web3?
Web3 workers seek careers with Web3 startups because they can take ownership of their work. Their skills are transferable, and they can play an active part in contributing to the organisation’s growth, and forging a career path, unlike anything in Web2.
Have you noticed the rivalry between Web2 companies? It’s a bloodbath of organisations trying to outdo each other, lowering prices, creating outstanding offers and trying to force their market share. Sometimes it doesn’t work. Other times, maybe it does.
We’re not saying that competition doesn’t exist in Web3 startups. But, generally, it’s an arena where cooperation and collaboration are its most valued attributes. For example, many protocols build on top of each other. Interoperability creates a cohesive approach in the space.
It’s a bit like riding a motorbike on an open road. The riders knowingly nod to each other in recognition as they pass. They know they are part of a club that is bigger than each person, and Web3 is the same. Yes, OK, it’s a weird analogy. Still, it’s not so out there when you imagine the unlikeliness of red-faced, frustrated car drivers, late for work and stuck in a traffic jam, cheerily nodding and waving to each other.
When you work in Web3, you become integrated with the bigger picture. You are part of the cryptocurrency family, the evolution of something that most people cannot yet understand. We all crave to become part of something bigger than ourselves, to find purpose and align with what truly matters in the daily monotony of our lives.
Web3 Projects Endorse Abundance
As Web2 companies fight for their market share, they are greedy for revenue and consistent growth. You could say it is a fear-driven environment, as companies worry about rivals overtaking them. This fear often leads to “buyouts.” Nowadays, it’s tough to keep up with who owns Instagram, YouTube, Netflix and other tech companies. Google owns practically everything digital we digest daily, and we must ask if that is good for us.
Web3 protocols are typically more benevolent towards the market. They’re not stressing about fiercely protecting their business models or hiring lawyers to wrap up copyright issues.
If you had the knowledge and the guts, you could start a Web3 project today and apply for funding. Gavin Wood and Vitalik Buterin are no different to you. They had the courage, insight and skills to raise the bar higher than others to disrupt the norm and create something unique.
Web3 craves originality and innovation. Nobody in Web3 says, “it’s not possible.” Instead, the consensus is, “How can we do this?”
Web3 Startups are Talent-centric
From the industrial age, we were taught to sit behind a desk, shut up and do as we were told. From school to employment, the entire Web2 workspace is employee-centric. But we’re tired of that. We no longer want to become bent up, stagnant and bored in Web2 companies. We are breaking out, fierce with rebelliousness, because we believe that Web3 is the answer to our prayers.
Web3 focuses on and highly values talent, and there isn’t enough of it in the market. We need more people to believe in Web3, get the training and become part of the Web3 revolution, or evolution, whichever fits you. If you have the talent, the world is your oyster in Web3.
The consensus of job dissatisfaction, poor work/life balance and micromanaged workplaces is forcing us to consider alternatives, but you must overcome the fear of change.
Yes, we’re an Opinionated and Web3 Biased Bunch
CB Recruitment is a group of crypto-passionate degens determined to disrupt the face of recruitment and help people launch exceptional Web3 careers.
The founder of CB Recruitment created the company because he grew weary of the apathetic approach of the recruitment industry and believed he could do better. Well, that wasn’t much of a challenge to be fair.
We’ve all dealt with a sleazy recruitment consultant who never calls you back, ignores your emails or fails to keep you updated about your application progress. Or, after they’ve nabbed the huge commissions from your job offer, you never hear from them again.
Well, that’s not us and thank goodness for that!
Even within the crypto recruitment industry, specialism doesn’t mean complacency. Although many of our clients are Web3 giants, we enjoy working with and placing candidates with Web3 startups.
We believe in underpinning everything we do with integrity, transparency and honesty and providing exceptional value.
Conclusion: Is it Good to Work for Interesting Web3 Startups
To sum up, don’t hold back if you’re considering a position with a Web3 startup. Of course, do your research. Not all startups succeed. Choose a company that has received significant support from prominent investors. Track their progress and monitor their results. Pursue Web3 startups that align with your values and interests and take that first step to improve your working life.
Many say that Web3 is going great, and so far, it appears to be so.
We’re here to help, always. Arrange an informal chat with one of our recruitment specialists, and let’s see how we can help you launch a new Web3 career.
“Working with Daniel was an absolute pleasure. From the first phone call to job offer it was a very professional and relaxed. It was obvious from the initial call that he was genuinely interested in understanding my needs and the clients to make sure it would be a perfect fit, and he understands the technology. To find this in a recruiter is a rare find, and would recommend him to both Clients and Professionals.”
Business Intelligence Professional