Web3 Job Market Shows Encouraging Signs of Growth Amid Bear Market

The Web3 Job Market Shows Encouraging Signs of Growth Amid Bear Market

Variant Funds and USV recently partnered up and conducted a survey for the web3 job market. The respondents to the survey included web3 companies and the results turned out to be quite positive. The results of the survey indicated a resilient sector that showed encouraging signs of growth amid bearish conditions.

As per the survey, most companies stated that the bearish market conditions did not affect or halt their plans for hiring in any way. The survey became a source of good news, specifically for the engineers.

The web3 startups were majorly targeted in this survey and the key findings were as follows:

  • 25% of web3 startups compete with their web2 counterparts.
  • Another 25% of web3 startups look to recruit from both sectors (Web3 and Web2)
  • The other 50% of web3 startups have been competing with other crypto startups for the new hires.

Additionally, the survey also highlighted that hiring from the web3 space is much easier than going for people who have no prior exposure to the crypto space.

Does the Web3 Job Market Pay More than Web 2.0?

Thanks to the survey, a few aspects have been made prominent. This includes the fact that hiring people for web3 firms is more expensive as compared to hiring talent for web 2.0 companies. Furthermore, traditional equity is becoming equally important as tokens as an incentive for the employees. This has indicated a change in the compensation structures of the firms within the web3 job market.

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The survey shed further light on why engineers are the preferred choice when it comes to hiring in the web3 market. Here is what the report concluded:

  • Engineers with expertise in cryptography and smart contract development were quite prominent in the trend.
  • In terms of salary and number, they dominate teams in the web3 space.
  • As compared to their counterparts in the general market, senior web3 engineers earn 23% more.
  • As compared to their peers in the general market, web3 engineers early on in their careers earn 27% more.

Web3 companies are also seemingly doing better than their web 2.0 counterparts as half of their employees for domestic firms are based outside the USA.

What’s the Conclusion?

The survey by Variant and USV has not only put forth a positive narrative regarding web3 employment trends but has also featured what makes web3 companies stand out.

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During the bearish market conditions, the web3 firms have not only remained resilient but have also used the conditions to diversify and expand their businesses, specifically the engineering teams.

Regardless, there is never any certainty in the crypto space due to unanticipated price fluctuations noted for major crypto assets, especially Bitcoin. Many cryptocurrency enthusiasts believe that the bear market trend is likely to finally end in 2024. However, there are several factors that need to be considered here. Bitcoin has undoubtedly survived the bearish conditions and the upcoming BTC halving has created a positive sentiment in the overall market. Nonetheless, the first Bitcoin spot ETF approval is still underway, which may not only change the bearish sentiment but the hiring trends in the market as well.