The Web3 industry is growing exponentially. What began with a few obscure startups and developer communities is now blossoming into a multibillion-dollar industry. The underlying blockchain technology and smart contracts powering Web3 are experiencing mass adoption sector-wide for many different applications. Also, as Web3 companies experience ongoing expansion, the number of vacant Web3 job roles continues to increase. Knowledge of blockchain is highly desirable in the job market. Also, if you have a universal skill set from other positions in other industries, there’s likely high demand for it in Web3. Furthermore, Web3 salaries often exceed those of similar roles in other industries. Plus, there is a shortage of blockchain professionals in the job market. So, if you’re looking for a new career in Web3 and want to know what kind of salary you can expect to earn, read on!
In this article, we’re going to dive deep into Web3 careers and Web3 salaries. We’ll explore why Web3 is becoming such a great industry to work in. Plus, we’ll discuss some of the different roles and opportunities available. Additionally, we’ll explore the average Web3 salaries for developers and non-developers in 2022.
Web3 and Blockchain
Web3, Web 3.0, and the decentralized web all refer to a new vision of the internet. This new iteration of the web is built on decentralized blockchain protocols with no single point of authority or intermediaries. Web1 mostly consisted of static images and text, offering little opportunity for interaction. Plus, in Web1, generating content required extensive knowledge of computer programming.
Fast forward a few years, and we have Web2, the version of the internet most of us are familiar with. Web2 consists of interactive websites, marketplaces, and social media platforms. Furthermore, anyone can create content for Web2, whether it be a blog post, a video, or a piece of music. However, one of the biggest problems with Web2 is that it is controlled by a small handful of powerful companies. These companies can censor content and ban accounts whenever they see fit. Moreover, many prominent social media companies have come under fire in recent years for selling user data to reckless advertising companies without consent.
Web3 addresses these issues by democratizing the internet with user-owned protocols and decentralized governance. Also, Web3 is open to anyone with an internet connection. Furthermore, Web3 lets users control their data and provides new avenues for generating value. Many Web3 protocols use cryptocurrencies to facilitate community governance via decentralized autonomous organizations (DAOs). Moreover, decentralized finance (DeFi) protocols lower the barrier to entry for financial instruments and facilitate wealth creation regardless of geography or social status.
Working in Web3
The early years of Bitcoin and crypto were akin to the North American gold rush. With startups exploding and imploding overnight, the stakes were extremely high in what was until recently an unregulated industry. Nonetheless, the Web3 industry is gaining traction with an array of innovative technologies. What’s more, the Web3 space is becoming increasingly well-regulated to meet enterprise needs and incentivize mainstream adoption. Below, we look at average Web3 salaries in different locations and how they vary depending on experience and seniority.
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Web3 Developer Salaries
According to “Web3.career”, the average Web3 developer salary in October 2022 is between $100k-$143k per year. This number varies depending on each developer’s years of experience, location, and which programming languages they skillfully master. For example, a developer in North America can earn somewhere between $120k-$200k per year. Also, a Rust developer takes home $120k-$190k per year, while a lead developer makes between $142k – $220k.
Furthermore, Rust developers earn the highest average salary, whereas Java developers usually earn the lowest in Web3. Also, junior developers can expect to earn half that of lead developers. Moreover, Asia is the lowest-paying region for Web3 salaries, with developers earning an average of $51k annually. In comparison, Web3 developers in North America earn an average of $120k annually.
Web3 salaries for developers tend to outpace those of other developer roles outside of Web3. For example, outside the Web3 industry, senior software developers earn an average of $107k per year, whereas senior Web3 developers earn an average of $120k per year.
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Web3 Developer Employment Status
Another factor to consider when looking at Web3 salaries is the type of employment you’re looking for. Typically, getting hired on a per-project basis is quite common if you’re a freelance developer. On the other hand, contractors might be hired on an hourly basis. Both of these employment types require less dedication than a full-time developer role. Plus, a full-time developer role might involve monthly or annual salary payments.
The more time and energy you invest into a project, the more likely you are to receive a higher salary for your efforts. If you have to consider the values of a company and present data about your work to colleagues, you can expect to be paid more than someone who briefly works on a project without engaging with other colleagues. In this regard, commitment to a team or project can pay off in the long run.
Non-Tech Web3 Salaries
Although developers tend to earn the highest Web3 salaries, there are plenty of well-paying jobs for non-developers in Web3. The average non-tech Web3 salary is between $77k-$120k per year. Again, experience, seniority, and specialist roles are significant factors in which end of this scale you can expect to fit.
Product managers earn the highest salaries for non-tech jobs in Web3, with an average of $120k per year. On the other hand, social media jobs tend to pay the lowest, with an average of $55k. Furthermore, non-tech workers in Oceania earn the highest Web3 salaries at an average of $105k per year, whereas non-tech roles in Africa maintain the lowest average salaries of $22k per year.
Additionally, the average salary for marketing positions in Web3 is $58.3k per year, according to “cryptojoblist.com“. Plus, Web3 designers earn an average of $81.5k per year and NFT developers earn $96.6k.
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Other Sectors Recruiting Web3 Specialists
The Web3 salaries discussed above mostly relate to wages within Web3 companies. However, a large number of businesses and organizations outside of Web3 are recruiting Web3 specialists for various roles. For example, blockchain is playing an increasingly prominent role in supply chain management. Anyone with an understanding of blockchain and experience in logistics could find themself well-suited to such roles.
Furthermore, the growing popularity of non-fungible tokens (NFTs) and metaverse gaming applications is prompting entertainment and media companies to hire Web3 specialists for all kinds of applications. If you’re a digital artist and understand how blockchain and NFTs work, you could find yourself equipped to create NFTs and work with some of the biggest companies to develop NFT offerings.
Additionally, the legacy financial sector is becoming entwined with the world of Web3. Several prominent payment providers are already venturing into Web3. Hence, anyone who works in finance and possesses an understanding of blockchain and crypto payments could be at an advantage.
What Skills Do I Need to Work in Web3?
Working in Web3 requires an understanding of basic concepts around blockchain and smart contracts. If you’re looking for a non-tech role, you don’t need to know how to write code or build smart contracts. However, it will undoubtedly be helpful to have some practical knowledge of how these things work in blockchain and Web3.
If you’re a developer looking to transition to Web3 from Web2, you’ll need to learn how to utilize smart contract programming languages such as Solidity, JavaScript, Python, or Rust. The more versatile you can be with these programming languages, the more you can expect to earn. Furthermore, if you plan to work in management, human resources, or sales, you’ll need to be a confident communicator and a pragmatic problem solver.
Most prominent Web3 businesses operate just like any other business. They require reliable, hard-working individuals who can deliver results. As the industry matures, the talent density in Web3 will likely increase, making it more challenging to get on the job ladder. However, at this early stage in the game, a modest knowledge of blockchain and smart contracts could set you apart from other candidates in many Web3 roles.
Benefits of Working in Web3
A significant number of Web3 companies are remote-first. Many consist of a global team of industry experts and Web3 enthusiasts and provide flexible working patterns. When you work in Web3, you gain the opportunity to be a part of something big and unique. The innovation taking place in the Web3 space continues to accelerate. With such groundbreaking technology being created, many small startups gain traction pretty quickly. As such, you have the opportunity to become a part of something special at the ground level.
The Web3 industry has plenty of room for progression and career development. Plus, you get the opportunity to learn about new cultures and different ways of working. Also, blockchain specialists are in extremely high demand sector-wide. Moreover, the Web3 job market isn’t remotely close to being saturated, which could increase the perception of job stability for anyone working in a declining industry.
Web3 Education
Working in Web3 can be a life-changing move. From a technical perspective, working with blockchain and distributed ledger technologies (DLTs) places you at the forefront of innovation. From the perspective of someone looking to build a career, the Web3 industry is still relatively young but also well-established enough to draw significant investments from industry-leading businesses sector-wide.
Furthermore, new opportunities arise frequently in the Web3 industry. Even if you don’t know much about blockchain, having a desirable skill set is often transferable to Web3. For example, if you’re an excellent leader of people, a digital artist, a writer, or a salesperson, there’s likely a position available for you in Web3.
What’s more, you can fill in any knowledge gaps quickly using the wealth of educational material available online. Further, learning about blockchain and Web3 puts you at an unfair advantage in the job market. Plus, you don’t need to be a computer scientist or a programmer to understand the value propositions of Web3 or to become an active part of the industry.
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Web3 Salaries – Summary
Whether you’re an experienced blockchain developer, a Web2 developer, an HR specialist, or a manager, the Web3 job market is full of opportunities. Web3 businesses are expanding at an extraordinary rate. As such, an understanding of blockchain and smart contracts makes any key skill set transferable into Web3.
Because Web3 is a relatively new industry, few people understand it well. Accordingly, Web3 jobs often pay handsomely. Moreover, blockchain and smart contracts are set to disrupt a significant portion of the Web2 landscape. Plus, all kinds of development teams and businesses are integrating blockchain, creating a high demand for blockchain specialists in legacy finance, the public sector, and the rapidly evolving Web3 industry.
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