In 10 years, the blockchain and Web3 industry went from relatively unknown to one of the fastest-growing industries on the planet. Intuitional investors such as JP Morgan and Goldman Sachs began to quickly enter the space. More recently, brands like Amazon, Google, Starbucks, Nike, Adidas,
UFC and many more have started leveraging the technology.
Due to unprecedented growth, massive new job opportunities have become available in the industry. The creation of an entirely new sector has meant companies need employees and fast.
As the industry is still developing, new roles are regularly developed. Let’s take a look at some blockchain figures and trends:
According to an IDC forecasting report, blockchain will continue to see a
48% annual growth rate from 2020 to 2024.
*It's important to note the difference between blockchain and Web3. Web3 refers to a decentralised blockchain layer built on top of web2 (the internet as we currently know it).
However, the term blockchain does not always refer to Web3. This is because blockchain does not need to be open source or decentralised. It has an array of use cases that go beyond Web3. For example, many companies host their own private blockchain.
But with that being said, a large portion of blockchain activity currently occurs in the Web3 space. Take a look at the chart below to understand it better.
A lot of trade finance and cross-border transactions are carried out in what is regarded as Web3, whereas identity and goods management are generally categorised as just blockchain.
In summary, Web3 is one section of blockchain, albeit one of the more popular ones, particularly with retail investors and the general public.*
Secondly, Linkedin and OKX carried out a study which found:
● The total global blockchain talent grew 76% year-on-year.
● Financial talent accounts for the highest proportion of talent, with the most significant demand gap for technical skills such as engineering and IT talent.
So, what does this mean?
Well, it's excellent news for those looking to enter the blockchain space, particularly if you have technical expertise. Moreover, companies value technical expertise more than cryptocurrency understanding.
For example, the owner of Binance, Changpeng Zhao, recently stated, “The crypto aspect is relatively easy to learn… We look for those core skills you have in other industries.”
Companies are mainly looking outside the industry for new talent because the industry growth means there are simply not enough employees to go around.
This leads to our next point, which job roles are most available?
Web3 is a complex space, merging finance, technology, art and many more industries into one. This requires a lot of technical expertise, and not just in computer science (although it is also in high demand.) Real industry expertise in roles such as project management, law, traditional finance and marketing are also sought after.
Due to the enormous industry growth, regulators currently have their eyes on crypto. Legal bills are being drafted around the globe. This means Web3 companies will need to galvanise their legal teams in the coming months and years, creating many more legal jobs in the space.
In short, the Web3 space has seen massive year-on-year growth. This growth constantly increases the demand for new employees. More recently, the industry has shrunk in market cap; however, large corporations continue to build and hire in the space. The crypto market downturn will likely rebound when the broader global economy does.