Despite the regulatory uncertainties looming ahead of the 2024 US presidential election, Web3 professionals are displaying a strong sense of optimism about the industry’s future. According to a recent Consensys report, over 86% of individuals in the Web3 sector remain positive about what lies ahead, driven largely by the fundamental values of decentralization, freedom, innovation, transparency, and self-sovereignty associated with blockchain technology.
Core Drivers of Optimism
Sarah Howe, executive director of talent acquisition at Consensys, notes that this optimism stems from the mission of blockchain technology and the potential for professionals to make a significant impact through Web3. She emphasizes that the values underpinning Web3, such as decentralization and transparency, are powerful motivators for those working in the sector. Howe remarked, “They are strongly driven by the mission of blockchain technology and the values behind Web3. The prospect of a Web3 world can be highly inspiring.”
The report also highlights a notable trend: over 75% of the Web3 workforce remains employed in the sector, drawn by the potential of blockchain technology rather than by employee benefits. This suggests a strong commitment to the industry’s core innovations and long-term prospects, despite the uncertainties posed by upcoming regulatory changes.
Preferences for Payment Methods
In an interesting twist, the survey reveals that many Web3 professionals prefer to receive a portion of their salary in cryptocurrency rather than traditional fiat currency. Currently, 67% of Web3 workers are paid entirely in fiat, while only 10% receive their salaries in crypto. However, 51% of respondents expressed a preference for a combination of both crypto and fiat payments, with only 13% comfortable with receiving their entire salary in cryptocurrency.
The global nature of the Web3 workforce is another key finding. About 77% of respondents work remotely, aligning with the decentralized principles of the industry. This remote work trend is complemented by a digital nomad lifestyle, which over 75% of respondents embrace. This lifestyle reflects the industry’s values of autonomy and flexibility, as noted by Howe: “Web3 workers generally value the independence that a Web3 career brings. Many of them are driven internally by their own ambition to create meaningful change and are often tired of the typical 9–5 office lifestyle.”
Industry Employment Structure
The survey also outlines the employment structure within Web3. A majority, 83%, are full-time employees, while 13% are entrepreneurs and 12% are active members of decentralized autonomous organizations (DAOs). This distribution highlights the diverse roles and opportunities within the Web3 sector.
In summary, the Consensys report underscores a high level of confidence among Web3 professionals about the future of the industry, despite potential regulatory challenges. Their commitment to Web3’s core values and preferences for payment methods reflect a strong alignment with the sector’s decentralized and autonomous principles.
Featured image credit: Khunkorn Laowisit via Vecteezy
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