Web3 Workforce Survey 2024

The potential of web3 cannot be underestimated. The third iteration of the world wide web opens up a world of possibilities that will push the boundaries of our current financial, social and political systems as we know them today. This much-needed metamorphosis of the structures holding up society will undoubtedly dictate the future of how we spend the majority of our week - through work - and create a new foundation of trust for the world that is more transparent, immutable, and permissionless thanks to blockchain technology.

We know that every industry, movement and innovation is only as good as the people behind it. As strong proponents of the positive impact web3 can have on the world, we believe the ecosystem has a shared responsibility to better equip those who are building web3 solutions and vocalizing the benefits - even when it feels like no-one is listening - adding increasing importance to the support we give.

To achieve this, as a first step, having a better understanding of the people behind web3 and blockchain technology is essential. The industry needs mission-led talent who are the driving force towards a decentralized future.

There are many interesting problems to solve such as interoperability between blockchains, privacy, and user experience to help drive mass adoption, and yet, as it stands, no study has been conducted on the people working in the web3 sector, what motivates them, and what their future prospects are.

What we do know from our own experience is that the work generated by building web3 solutions is challenging, complex and innovative. The web3 workforce are essentially building an entire ecosystem from the ground up and when we think about skills that are needed, there are a multitude. To achieve such an incredible feat, we need a diverse skill set from designers, builders and translators to executors, strategists and day-to-day operational management. It's not just technical skills that will make this work, it is also non-technical.

In the end, if the ecosystem intends for web3 to go mainstream, it’s important to decrease the knowledge gap about talent in web3. Who are these people? What is their academic and professional background? How do they envision the future of web3, and most importantly, what drives them and motivates them to work in this space?

NOTE ON METHODOLOGY

Web3’s core ethos centers around inclusivity, with an aim to welcome everyone in. There is no doubt that there is a lot more to be done advocating and educating the mainstream about the mission of web3, which is why it came as no surprise that the people building the tools within the ecosystem (developers), and promoting the end-goal (sales and marketing) made up the bulk of roles commonly held amongst respondents. A background in tech, or web2 organizations were typical of respondents, but it is not a prerequisite for getting involved.

Getting into the sector is seemingly no different to other industries, however having a hand in ongoing or new projects can be key to getting involved and obtaining much-needed technical knowledge: 73% of respondents stated that technical knowledge is the development they need most to enter web3. 

Lastly, flexibility around working for multiple employers was just as desirable as working for a single employer, showing a willingness on both sides of the spectrum to getting involved in bringing web3 to life, whether through several projects or staying close to one mission.

It can be branded a revolution, quiet-quitting, or even a revelation. What has become clear is that the current workforce refuses to work within the same structures created decades ago. What worked then, does not work now. 2024 is a vastly different landscape than what it was before, and the mindset around work is a much more flexible and adaptable one. 

Respondent’s answers on their preferred mode of working show that the next technological evolution will not take place in an office or assigned cubicle. Web3’s early footprint on the world shows that the ability to work remotely in whichever country suits you is just as good, if not better, than the need to be working from one location, five days a week.

A decentralized future is a necessity for the future of society, and those working towards this mission agree that these are key motivators for working within web3. This unique workforce understands that you cannot be dedicated to the cause if you do not fully believe in it, with 51% of respondents stating that the values of web3 are the aspect they consider more relevant to staying committed within the space.

Transparency, freedom and self-sovereignty are indicators of the mission’s success, with a staggering 86% of respondents voicing their confidence about the potential of web3 and 88% of those surveyed giving it their seal of approval for anyone looking to join the sector.

As to be expected, being valued fairly and competitively is a key element for anyone taking on a role within strong, mission-led, web3 businesses. Employees want optionality around pay. They want a say in how they are paid, when they are paid, and in what form they are compensated. 

Nearly 7 out of 10 web3 workers are paid in Fiat but only 3 out of 10 feel comfortable with this payment method. With 50% of respondents preferring to be paid in a mixture of crypto and cash, this indicates that this particular workforce doesn’t just want to talk-the-talk, they are keen to be an active participant in what they are building.

Any organization would be remiss to ignore the needs of a workforce that is rewriting the rules for long-standing societal pillars—financial, political, and social. Moreover, this is a workforce that is showing what living by these new rules can look like.

Long gone are the days of a one-size-fits-all approach. As innovations in web3 flourish, society will thrive and people will want more autonomy and freedom to work in a way that makes sense to them. Web3 has proven to be a catalyst for evolving the nature of how we work. It asks us to critically evaluate our current methods and chart new paths that will move us to more decentralized, community-driven, and inclusive work environments.

If we do not take the findings from this survey seriously, we risk losing the next generation of talent critical to innovating at the level the world needs.