If you’re considering sending job applications to the top Web3 companies, this in-depth article will guide you through the benefits of launching a Web3 career, including the pros and cons of Web3.
Web3 encompasses a vast arena, including the metaverse, play-to-earn games, decentralised finance and much more. There are many types of Web3 companies.
For creators, Web3 presents opportunities for ownership of their content, although as AI develops at a sparkling pace, other challenges arise that may cause concern for original artists.
For us consumers, it’s still early days for Web3, but as savvy investors rush to pour millions of dollars into Web3 tech startups, it’s a sign that they believe in the future of Web3 technology. Most tech giants are investing time, money and other resources to secure their future as web2 lingers behind the stratospheric buzz of unimaginable Web3 tech advancements over the next five years and beyond.
For example, McKinsey, a global management company, surveyed 3,104 consumers globally and estimated that by 2030, metaverse spending could be as high as $5 trillion. 79% of respondents said they had spent money in the metaverse. 37% purchased cosmetics, 47% made in-game purchases, and 33% purchased real-world items in a digital environment.
What are the Benefits of Web3?
Web3 is an “idea for a new iteration of the World Wide Web which incorporates concepts such as decentralisation, blockchain technologies, and token-based economics” (Source: Wikipedia).
Critics and the mass public may believe that Web3 is puffed-up hype. Still, a fully decentralised Web3 internet could realistically bring Web2 tech giants to a halt if they fail to embrace decentralisation. Starved of profiting from our personal data, would they survive?
In addition, platforms like YouTube and Spotify could also suffer. As it stands, we are at the mercy of these platforms. Accounts get banned, rules enforced, and we don’t have total creative freedom.
If (maybe when) a Web3 YouTube equivalent launched, creators would leave YouTube. Likewise, Spotify is a Web2 music platform where musicians do not have ownership of their work. In a Web3 music environment, musicians could connect directly with their fan base and build their followers without relying on payment by Web2 middlemen.
The critics have a sound argument for their cynicism towards Web3, primarily because achieving decentralisation, security, and scalability has proven challenging for blockchain networks. Yes, it has caused problems and roadblocks. However, believing that technology will not evolve to support future solutions for a fully decentralised, secure and scalable internet would be ridiculous.
Jack Dorsey, the Twitter founder, believes that Web3 can only become a “centralised entity with a different label.” Well, Jack, we’ll see. Someone once thought the earth was flat; look how that turned out!
2023 is the year when AI genuinely starts to threaten people’s jobs, and the tech-savvy are capitalising on this opportunity. Dozens of new YouTubers are creating channels to show followers how to use ChatGPT and access other incredible AI APIs coming to market.
These new AI-focused channels get thousands of followers in days and weeks, allowing them to optimise their content and make money. Considering that it takes most YouTube channels some considerable time (months or years) to gain enough followers and subscribers to monetise, this action alone shows that: –
People are hungry to find out either: –
- How threatening is AI technology? Is my job safe? Or
- How can AI technology improve my life/work/income?
By the way, the #2 thinkers will rule the world. OK, maybe not the world, but you get my point.
Young techy entrepreneurs are capitalising on Web3 opportunities, launching innovative startups, receiving significant investment and hiring top talent to help them possibly create the next iteration of decentralised tech giants. I can’t wait to see what’s coming. How about you?
What are the Pros and Cons of Web3?
Of course, there are downsides to Web3, and it’s your choice to decide how to weigh up the pros and cons of a Web3 career.
The Pros of Web3
Web3 Users may Benefit from Owning and Sharing their Data
We all know that social media tech giants sell our data. We have no control over where and how they share it. Worrying, right? Facebook is a sea of advertising, and it’s not easy to opt out without other adverts popping up in their place. They want our valuable data, and we are powerless to change the situation.
The average user is beginning to feel exploited by the bombardment of (often irrelevant) adverts on social media channels such as Facebook. In addition, incidents of racism, bullying and extreme behaviour make some social media channels unsafe to hang out, especially for young people.
Web3 alternatives may likely offer better options for data sharing, giving users a choice where we currently have none. In addition, users may receive crypto rewards for voluntarily providing data about their interests, hobbies and buying preferences.
For example, Sapien is a Web3 social news platform built on Ethereum. It leverages blockchain to give power to its users, who can vote, create content and comment as long as they stake $SPN tokens, the platform’s currency.
Potential Profits for Social Media Creators
Some Web2 platforms pay for content creation, Medium, for example. However, don’t expect to get rich. Post daily for a month, and you may earn enough to cover the $5 membership fee. It isn’t worth the effort unless you gain hundreds of thousands of followers.
In addition, the company often change the rules for income generation. They decide what is acceptable content and aren’t opposed to closing someone’s account, effectively censoring their income in a heartbeat, regardless of whether they have 10 or 150,000 followers.
A Web3 blogging and social media platform such as Steemit has reportedly distributed $22 million in $STEEM tokens to its more prominent content creators. According to Wikipedia, Steemit already has 1,238,717 registered users.
Improved Privacy and Censorship Resistance
The backbone of Web3 is to reduce Web2 censorship. We, the public, are sick of the controlling behaviour of the tech giants, and we’re ready for something infinitely better. We don’t want to spend months building a profitable channel to be banned. It’s happened to prominent personalities such as Courtney Love, George Zimmerman, Roger Stone, Donald Trump, and Jordan Peterson, just a few personalities banned by Twitter.
Deleting a dApp from the Ethereum blockchain is practically impossible as there isn’t a centralised entity. Compare that scenario with the Google or Apple App store. They can delete an app instantly without discussion.
Moreover, Web3 offers increased user privacy. It’s relatively easy to hide one’s identity with blockchain technologies. Web3 is generally more secure than Web2 platforms, although sophisticated cyber hackers accessed millions of dollars of digital assets in 2022. Security will likely improve as Web3 technology advances.
Web3 and AI could Improve Efficiency and Productivity
Artificial intelligence and machine learning are evolving at an incredible pace. Rather than posing a threat to people’s jobs, AI technology could make some employees more productive by cutting out time spent on menial tasks, such as writing emails, outlining a white paper, creating a resume template and much more.
More Career Opportunities with Web3 Companies
In 2022, there weren’t enough talented candidates to meet the demand from Web3 companies. Thankfully, the working world is beginning to realise the extraordinary career opportunities in Web3. People are training as cyber security engineers, blockchain developers, video game writers, 3D designers, product managers and more.
In addition, some skills are transferable, such as marketing, social media and community management, sales, business development and even everyday administration roles, are available in Web3. With a bit of understanding of the Web3 space, anyone and everyone has a chance to create a fantastic Web3 career.
Web3 is not all plain sailing and fluffy unicorns. The industry has experienced significant technological and user challenges and a high entry cost.
Creating a user-friendly front-end and back-end experience is not an easy task. All new companies have obstacles to overcome, and Web3 is no different. The public is demanding. They want the best experience now, not six months down the line. Subsequently, most Web3 startups experience teething problems, but it would be unrealistic to expect otherwise.
The younger generation generally finds it easier to grasp the complexities of new technologies. The technologically averse may not understand collateralised loans, crypto wallets, yield farming, the metaverse, crypto tokens etc.
Web3 startups endeavour to focus on beginner-friendly solutions, but it isn’t always possible to simplify beyond a certain level.
High Transaction Costs
Interfacing with dApps can be expensive on the (Layer-1) Ethereum Mainnet. For example, as more non-crypto users enter the market to modestly invest in DeFi protocols, transferring funds from a wallet to a platform can be cost-prohibitive. You could pay up to $70+ to move $300. And, as most new users aren’t anticipating these high fees, perhaps expecting traditional “banking” fees, it could result in a lack of confidence to continue exploring Web3 options.
Web3 Could Increase Mental Health Issues
Social media addiction is a genuine problem for many people. We have become addicted to the dopamine rush of attention from others.
According to SmartInsight January 2023 data, 59% of the global population (4.76 billion people) use social media for an average of 2 hours and 31 minutes daily. Social media bullying is increasing, comparison bias is damaging young children’s confidence and well-being (particularly for body image), and it contributes to feelings of loneliness and isolation.
Social media is a false (and potentially harmful) representation of how life really is. In addition, mental health issues are likely to worsen with the exponential growth and development of the metaverse. Real life is challenging. People may prefer to “live” in a virtual world. It’s a potential problem we cannot ignore.
In addition, overusing AR/VR headsets could result in eyesight issues, muscular dysfunction from sitting for long periods and lack of physical movement could also increase global obesity issues.
On the plus side, the metaverse offers incredible opportunities for businesses and independent users. However, at some point, it could form part of our daily lives in the workplace. We may not have a choice whether we want to spend our days in the metaverse. So, for all the freedom Web3 creates, we could lose our sense of self if we must coexist for long periods in virtual reality environments.
Privacy Comes at a Price
Though we seek the freedom of anonymity, it presents a perfect opportunity for criminal exploitation, such as money laundering. For example, in 2021, cybercriminals escaped with $615 million in assets from the popular Axie Infinity gaming platform.
Governments can also exploit the systems. Some experts express concerns that the Russian government may be using crypto assets to overcome international sanctions during the invasion of Ukraine.
Blockchain-based transactions are traceable and available in the public domain, but criminals quickly launder their hoist. After that, it’s practically impossible for anyone to trace missing funds.
Another concern is how possible it would be to permanently delete personal data on Web3 social media platforms. By its immutable nature, decentralisation could make removing anything we do not want visible in the space a bit more challenging.
AI Could Threaten our Existence
AI will create many opportunities but will undoubtedly substitute human jobs, particularly the mundane daily employee tasks that a robot could easily do with machine learning. It would be cheaper for companies and, in addition, permanently remove the challenging aspects of managing employees.
The science fiction of the past could become the reality of our future. Sentient AI can no longer be comedic material. The exploration into hybrid humans has already begun. For example, entrepreneurial inventors have already created prosthetics that attach to nerves you can control with your mind, like a normal limb. These new prosthetics are a fraction of the cost of the original ones that do not connect to nerves.
For a parent with a growing child, the low prices of replacing the prosthetic every year or so are much more affordable.
Sorry, this section was supposed to be about the cons. Still, some remarkable technologies are evolving in Web3 to make our lives easier.
However, let’s not slide into a pit of potential downsides. It’s time to bounce back into what is great about Web3.
Primarily, Web3 companies will create many other jobs, such as ML and AI programmers. There will be dozens of new and essential roles in the metaverse, blockchain and cryptocurrency sectors.
Conclusion: Are Web3 Companies a Better Career Option (2023)
We are racing towards a Web3 future. As a person exploring career options, it’s best to stay ahead of trends. Consider a savvy move to Web3 if you don’t want to be replaced by a robot.
There are multiple entry-level jobs in Web3 and hundreds of training courses online to upgrade your skills to prepare for a Web3 career.
In addition, it’s been a hard slog for the best Web3 companies to find the right candidates. There aren’t enough qualified people and we need more. We comprised a list of the top jobs in Web3, including the metaverse, DeFi and Fintech. There genuinely is an opportunity for anyone and everyone in Web3.
If you are ready to discuss how to beat the robots and secure your place in Web3, contact our specialist team at CB Recruitment.
James was an absolute delight the entire time, from applying for my new role to my start date! He was extremely helpful, reassuring, and resourceful. Would 100% recommend.
Appeals and Permitting Officer at Southend on Sea Borough Council