How Web3 is Transforming the Future of the Job Market

How Web3 is Transforming the Future of the Job Market

Web3 is paving the way for a better internet experience that is decentralized, secure from data breaches, and open to everyone. It is changing everything we have come to accept and helping us get one step closer to innovation. As blockchain companies are putting all their efforts into making Web3 stronger, they need talented individuals to join their ranks to make the future happen today.

In this article, we will discuss what is Web3, how it is different, and how it will transform the future of the job market.

What is Web3?

Web3 refers to the next generation of the internet that is developed via blockchain technology. The internet is a dynamic space that keeps evolving, and Web3 is an extension of this evolution marked by key features, such as decentralization. Decentralization will give control back to people as it allows users to have control over their data and assets online with no need for central authority.

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Web3 is designed to overcome the shortcomings we are facing with web2 (the current internet as we know it). Web3 addresses problems such as data breaches, centralized web, loss of control or minimal control, and censorship. With the numerous changes that Web3 promises to bring to the table, the job market will need as many new talented faces to meet the demands of the workforce.

The Old vs The New

Traditionally speaking, the employment market has seen the hiring process to be rigid. There was a time when one could not even dream of applying online from the comfort of their homes, now we are looking at options such as work-from-home or hybrid work models. So if you have ever dreamt of working from the beaches in Hawaii, the time is now. However, this is not the only shift we are going to witness in the digital world where Web3 is going to take the lead. Here are some more ways we can expect the job market to change:

1. Rise of Smart Contracts

Smart contracts are self-executing automated contracts. These contracts are embedded with a code that runs on blockchain technology. These contracts enforce pre-set terms and conditions and eliminate the need for a third person to execute and ensure the terms of the agreement are met.

These contracts also allow users to interact with Decentralized Autonomous Organizations (DAOs) as well. These allow individuals to make decisions and take actions on their own accord. Smart contracts and DAO will allow people to accept jobs according to their own rules based on their passion for any particular project.

2. Payment Options

The rise of popular cryptocurrencies has made them reachable to the masses. This is particularly important in terms of the Web3 job market as some people now seek payment in the form of cryptocurrency, as it makes financial transactions convenient and reliable. Along with that, it has raised the need for e-wallets and payment methods designed for cryptocurrencies in mind. Blockchain and crypto companies need engineers and developers to help them build these services. This will add a boost to the job market and open more positions in the market as well.

3. Non-Fungible Tokens (NFTs)

NFTs are a unique digital asset saved in blockchain units. They provide proof of ownership and indicate authenticity for tangible or digital products. For this reason, NFTs are of particular interest to artists as they allow tokenization of their digital work.  Through a combination of both NFTs and smart contracts, creators can now monetize their work and sell it directly to interested clients without the need for intermediaries.

4. Change in Hiring

Thanks to Web3, employers and hiring managers can now look forward to accessing global talent while cutting costs, and empowering economic growth for their companies. With the remote nature of many Web3 jobs, employers no longer have to go through the lengthy process of acquiring talent and bringing them to a completely new country to offer them a position. Outsourcing is still an option, but companies can now directly hire talented individuals from every corner of the world and make them part of their teams.

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Additionally, with a remote workforce and digitalization, employers will not have to worry about the costs of renting workspace, and furniture. This way investment can be made directly into the employees, increasing overall job satisfaction, and productivity.

5. Direct Access

Human resources will also see a great change in the way they hire and go through candidates for an opening. This means that with blockchain technology, everyone’s credentials, such as their CV and qualification will be open to HR (if the individual allows it), allowing them to bypass the traditional method of recruitment where candidates apply and are then interviewed, to directly approach them with an offer.

Concluding the Findings of the Web3 Job Market

The new internet era that Web3 is expected to bring is expected to be full of promises and expectations. From the way we interact with the internet to the way we look for jobs, everything is going to see a shift. DAO, smart contracts, and NFTs are only a dime-sized change we will witness in the future.

Hence, both recruiters and Web3 job seekers must remain vigilant and up to date with these developments, and there is no better place to get your news than