As inflation continues to grow and the ongoing of recession is pressuring many tech firms are cutting of their employees. It is estimated that over 700 tech startups have experienced layoffs this year, impacting at least 93,519 employees globally that includes tech giants like, Google, Netflix, Apple, Twitter and others. This has resulted in an overwhelming amount of talents coming to many Web3 companies and young jobseekers seem to be displaying a greater desire to obtain the skills needed to join the Web3 projects as they go on full development.
Despite the bear market, there have been significant improvements made within the Web3 space, resulting in a more positive outlook toward this developing sector, although companies remain focused on building during a bear market, fundraising may be problematic.
The number of Web3 developers is comparatively lower than Web 2.0 developers, research suggests we’re on the brink of an explosion, with 350,000 active developers using one blockchain development platform in 2021.
The Web3 future looks bright for many reasons, because of decentralized applications (dapps) that represent a return to the ideals of a publicly owned internet and a direct challenge to existing Web 2.0’s as an ecosystem of corporations owned internet.
Web3 dApps are not like today’s apps, hosted on corporate-owned services and single cloud providers, instead dApps are open source apps, build on public blockchain technology, as such, are appealing to ambitious developers as a place to innovate and collaborate quickly (and often anonymously) with decentralised structure where everyone is rewarded.
Developers can potentially earn way more money, while building on web3, instead of working for salary in todays corporations in centric Web2.