The worldwide cryptocurrency market was extremely turbulent in 2023 due to worries about safety and regulations. The lowest year for cryptocurrencies since 2019 was thus 2023. There were ups and downs in the number of job vacancies in the Web3 industry last year. Although chances did diversify globally, there was a reported fall of more than 15 percent. Sathvik Vishwanath of Unocoin stated in an interview that over the past year, the talent demand-supply dynamic in the cryptocurrency business has changed and transcended traditional development jobs.
In 2023, more established businesses began small-scale trials with Web3, following the international regulatory landscape’s development. The G20 nations, with India as their leader, endorsed a framework for regulating the cryptocurrency industry, which is increasingly consuming the market. Conversely, the European Union’s MiCA law has begun to draw Web3 industry participants to open stores within its borders.
An increasing number of Web3 and crypto-related positions have been added to job search platforms as industry laws start to take shape globally.
Experts in decentralized finance (DeFi) and blockchain are in high demand as traditional financial institutions, startups, and existing businesses aggressively seek out qualified personnel to handle the rapidly changing crypto scene, according to Vishwanath.
In 2023, there were around 3,690 job opportunities on LinkedIn in India, according to Coincub’s Blockchain Jobs Report 2023. In contrast, the US, Germany, France, the Netherlands, and Spain produced more Web2 employment last year.
In addition to the more conventional positions of blockchain and cryptocurrency developers, some of the most popular job profiles in Web3 last year included crypto investment manager, legal expert, blockchain product manager, crypto researchers, crypto security consultant, NFT specialist, data analyst, and crypto marketing manager.
Although Vishwanath thinks that the employment market for Web3 will generally grow and develop by 2024, he pointed out that there are still many obstacles in the industry.
Even though institutional acceptance and clear regulations have increased demand for Web3-related jobs, there are still issues, namely a lack of people with the requisite skill sets. The Unocoin head continued, “While educational institutions are making an effort to close this gap, traditional learning programs occasionally lag behind due to the quick pace of technological innovations.
Several international agencies have taken on the duty of spearheading Web3 training and education in recent months. The United Nations Development Programme (UNDP) made the decision to launch a blockchain academy in 2024. The UNDP also hopes to train 22,000 employees in Web3 and blockchain technology through this program.