The importance of Web3 development has only grown since its humble beginnings in 2009. Web3 has quickly spread to many industries, including Decentralized finance (DeFi), Non-fungible tokens (NFT), Metavers, etc., resulting in significant innovations.
Although most recognize that Bitcoin began this shift to a blockchain-based web, the use cases for this technology have evolved significantly since its inception. Some examples include using a secure voting system, authenticating products selling decentralized cloud storage, and hosting decentralized websites.
Despite the promise of many innovations, the Web3 industry is still struggling with streamlined platforms, developer learning resources, and holistic platforms dedicated to improving people’s skills in Web3.
The Web3 industry may be going through a bear market, but technological advancements in this area haven’t slowed down yet. In the first quarter of 2022, the sector experienced almost $14.6 billion in investments to pursue innovations with blockchain technology at the helm. These are:
Upheavals in traditional sectors
Web3 technology has made its mark in legacy systems, with many tech giants, enterprises, and even government agencies leveraging or exploring ways to take advantage of the decentralized technology.
According to a 2021 Blockdata reportfrom September 2021, 81 of the top 100 public companies, including Microsoft, Amazon, Samsung, Alphabet, etc., use blockchain technology. NFTs, apart from their diverse and unique nature, have become popular in the entertainment, gaming, and music industries.
Employment in the sector
Web3 has been wrongly presumed to be a tech-focused or tech-centric space where only engineers and the like can be hired. However, in reality, the sector offers a wide range of positions that cater to multiple industries, including design, architecture, public relations, marketing, sales, social media management, and more.
Given the nascent phase of Web3, the overall feeling of the space is welcoming to newbies and veterans alike, regardless of their qualifications.
In 2021, Web3 had a pretty big hiring boom. LinkedIn reported a 395% increase in job postings with Web3-related terms. In the same way, Cryptotech industry in India report, compiled by NASSCOM and found that nearly 50,000 Indians were employed in crypto technology companies in 2021.
Free educational sources and opportunities
Individuals can find many free or reasonably priced resources online to learn more about the world of Web3. Additionally, Web3 companies frequently hold online workshops and mentoring sessions to help developers learn relevant languages and coding to help them build their own solutions.
Major Web3 companies have always supported open source learning. They launched many accelerators, community grant programs, launching ramps, etc., dedicated to fostering Web3 innovation and training developers to enter this space.
Rapid increase in emerging technologies and innovations
These factors are key enablers in the rapid increase in Web3 space. The accelerated growth of the sector has provided opportunities for startups, innovators, capitalists, investors, visionaries, etc. to experiment and explore new technologies.
Experimentation with DLT technology has since spread to fully functional industries, including the latest trend, Web3, and the Metaverse.
Moreover, Web3 innovations have encouraged the fusion of different emerging technologies to present highly efficient solutions for the future world.
The road ahead
With these developments, there is an unmistakable demand for Web3, which will only grow exponentially over the next few years as more consumers, businesses and industries embrace the inevitable transition. from Web2 to Web3.
Nevertheless, the industry suffers from various shortcomings including shortage of developers, chaotic but niche platforms, scattered opportunities, channel-specific languages, and more.
Taking advantage of most of these global opportunities is becoming a daunting task, and adopting a more coordinated and coherent approach would be prudent.
Recently, the metaverse has been gaining traction among Web3 and tech enthusiasts. With the advancements seen in Web3, visionaries found another technology to explore. There have been multiple collaborations between Web3 and the Metaverse which seem to be the next step in solving relevant issues of the Web3 world.
Companies are building a developer metaverse, where developers can freely enter and explore while gaining access to various global Web3 opportunities without having to import, repeat, or organize their data based on platform layout.
They can find opportunities to learn, earn, work, and grow in the metaverse. Additionally, NFTs have also found their way into the metaverse, where creators can display or trade their work in an onsite digital world. With decentralized finance, one can work towards the formation of a full-fledged digital economy, maintained in the metaverse.
The Web2 world has also started testing the waters of the metaverse, a bullish sign towards the future of this technology. Merging Web3 and Metaverse can be the right step to ensure a Web3 world full of innovation.
(Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the views of YourStory.)