• The Web3 job market has slowed down significantly due to the crypto bear market, layoffs, and regulatory pressure.
• Demand for roles in Web3 is uneven with infrastructure, gaming, and consumer app sectors still active while metaverse and Non-Fungible Token (NFT) projects have been hit hard.
• Currently there is a high demand for executive-level positions such as CTOs, engineering leads, security experts and developers.
Web3 Job Market Slows Down
Google, Amazon, Microsoft and Meta have cut thousands of employees over the past year leading to turmoil in the Web3 job market. According to Michael Shlayen, founder and CEO of Blockchain Headhunter, demand for new roles in Web3 has dropped 90 percent compared to the times of the crypto bull rally. Sectors such as infrastructure, gaming, and consumer apps are still active but metaverse projects are not hiring at all.
Tech Roles Dominate
Contrary to last year’s trend when business development and sales specialists were in high demand, current hiring patterns focus on executive-level positions such as Chief Technology Officers (CTOs), engineering leads, security experts and developers.
High Paying Positions
Despite lower budget allocations due to lay offs from many companies in the space Shlayen claims that salaries remain competitive compared to other industries. Senior positions can reach six figures with some roles paying up to $200 thousand a year. He also states that more companies are offering stock options or tokens as compensation which can add up to an additional 50-60% of total annual salary value.
Crisis Management Strategies
Shlayen advises candidates who want to stay ahead of competition during this tough period to gain skills related blockchain protocols or specific blockchain platforms like Ethereum or Bitcoin Cash by taking courses online or attending hackathons. This will give them an edge over other applicants when applying for jobs in Web3 space after the bear market ends.
With governments across the world releasing regulations related cryptocurrencies it is safe assume that industry will continue evolving regardless of short term fluctuations caused by the bear market conditions . Therefore Shlayen remains optimistic about future prospects after this difficult period passes: “The sector will be back” he says “Probably not as fast as we all hope but it will recover.“