Crypto and NFT based companies are stealing the top software talent from big tech companies, promising developers the chance to work on “the next big thing”. But what is Web3 and why is it so enticing to tech and digital talent?
Web3 is an idea that is generating a lot of excitement across many tech and digital communities, but what is it?
Web3 is a new era of the internet that hosts decentralized apps running on blockchain technology, whilst advocating for more user privacy and ownership of data. It’s the third ‘wave’ of internet technologies, following the world wide web (webpages) and social media (user generated content). Whilst nobody knows exactly what Web3 might look like in full yet, it will likely be rooted in concepts around being decentralised, permissionless, autonomously managed via artificial intelligence (AI), and built on blockchain technology.
This idea of overhauling the internet as we know it and building something new and innovative is attracting some of the brightest minds in tech, even tempting longer term Amazon, Google, and Facebook employees to move to smaller businesses who are looking to move into Web3.
Whilst Web3 isn’t yet fully defined, it’s undeniably a fast-growing area of development. So, what do Developers need to learn and how do traditional tech stacks fit into Web3?
Most describe the Web3 tech stack as:
Learning Solidity and the EVM (or Ethereum Virtual Machine) might be the best bet when getting started as a blockchain developer.
Storing data is one of the trickiest aspect of Web3 development, because whilst blockchains are great in many aspects, they are ineffective at storing large amounts of data, which is where file storage protocols like IPFS, Arweave and Filecoin come in. Having exposure to tooling like this will put you in good stead to move into Web3.
Three of the biggest talent drivers that are spurring software developers into moving roles right now, include:
Web3 hits all three of these points. As a completely new concept and something that, even now, isn’t fully defined, Web3 offers developers and software engineers a chance to become a part of something new, exciting, and challenging. They will be facing problems and challenges that nobody has faced before and will play an active role in overcoming these through creative problem solving and collaboration, to build something ground-breaking.
Similarly, this technology is something new, and gives developers a chance to upskill and add a new type of technology to their repertoire. When you combine this with an often-lucrative salary, with some of the bigger names such as Coinbase offering a median base salary for a software engineer of $185,000 a year, plus cash bonuses and stock-based compensation. Whilst smaller Web3 start-ups may not be able to offer that level of base salary, they are often in a place to offer other key benefits within their employment packages (such as stock options, flexibility, healthcare, travel schemes, enhanced holiday allowance).
It’ll be interesting to see if Web3 lives up to its massive hype, but one thing is for certain, software developers will continue to be high in demand and low in supply. That’s where I can help.
Maxwell Bond have officially and exclusively partnered with KnownOrigin, Manchester’s first NFT marketplace who are investing in Web3, as well as a multitude of other innovative tech and digital start-ups in the North-West.
Alternatively, if you’re looking to source top tech talent to drive your projects forward, reach out for a confidential, no-obligation chat about our talent solutions and resources.