- Web3 is the future of the Internet. There are more than 44 million smart contracts on the Ethereum blockchain, creating a huge demand for developers and a great opportunity for businesses — reaching a projected global market of $81.5 billion by 2030.
- Web3 startups can reduce costs while meeting deadlines and delivering value by finding the right mix of high-quality global freelance talent.
- Outsourcing work to remote global freelance talent can save businesses more than 25% of labor costs while delivering great value.
Web3 is shaking up the internet as we know it. However, if you’re not sure what Web3 is all about, you’re not alone. In fact, according to a casual poll by the Harvard Business Review of more than 51,000 LinkedIn readers last year, nearly 70% didn’t know what the term meant.
What is Web3 and why should you care?
Web3 (sometimes called web 3.0 or web3) is considered the third evolution of the internet. It’s based upon the concept of creating a more democratized internet so that no single entity controls how information flows.
“In simple terms, web3 is the decentralized internet — built on distributed technologies like blockchain and decentralized autonomous organizations (DAO) rather than centralized on servers owned by individuals or corporations,” according to Forbes.
The blockchain is a digital ledger that delivers new capabilities and gives users greater autonomy over their data and the communities they visit. DAOs are a relatively new type of organization run by members and formed for a common purpose. DAOs enforce operating rules using “smart contracts” with codified rules, in contrast to traditional organizations with executives making the decisions.
As we drill down, you can see how the scope of Web3 is broad and encompasses many technologies. It includes digital assets, such as crypto, non-fungible tokens (NFTs), decentralized finance (DeFi) instruments, and stablecoins. A digital asset is basically anything in digital form that creates value. NFTs, for example, are blockchain-based tokens that include digital deed records to show that a digital object is authentic.
Some people have also described Web3 as including the immersive web — a new generation of the web with virtual worlds, which is how the metaverse fits in. Nike is even creating virtual sneakers, clothes, and other collectibles to wear in games and other immersive experiences.
Enter Web3 opportunities
It’s common knowledge that people want more control over their data and web communities — more privacy — and that’s where Web3 innovations can make such a difference. Most Web3 apps are used on a blockchain-based web structure, which is a database hosted by a network of computers instead of a single server.
While you don’t have to use the blockchain to create 3D gaming technologies or digital assets housed in the virtual world, it can help.
“If the goal is the democratization of the Internet, not to mention accessibility, transparency, composability and platform interoperability,” said Tonya Evans, professor at Penn State University’s Dickinson Law School, “then the Metaverse must include blockchain.”
How big is the blockchain? The blockchain industry could grow at the rate of 85.9% from 2022 to 2023, according to 101Blockchains. This would increase demand for developers that use the Ethereum-based Solidity programming language for smart contracts.
There are more than 44 million smart contracts on the Ethereum blockchain. In fact, the Global Web 3.0 market size is expected to reach $81.5 billion by 2030 according to Emergen Research.
Just think about the potential growth of NFTs alone. The NFTs can contain anything that’s digital, like drawings, collector items, and video games. NFTs can be used to authenticate deeds to cars, houses, land, and other valuable assets. To put this market in perspective, consider that the world-renowned Christie’s auction house sold an NFT of a digital artwork collage for $69 million.
What to do about the demand for Web3 developers
“New opportunities have grown from the emergence of Web3, a new iteration of the Internet, and tech executives are making moves to play a role in its development,” according to an Allwork.Space article.
With so many Web3 innovations on the horizon, especially for DeFIs, NFTs, and Metaverse applications, it’s critical to find the developers, UX and UI designers, and product managers with the right skills to keep up with the fast pace of innovation required for Web3 services and solutions. Web3 teams require the following skill sets:
- Programming in Solidity
- Working with smart contracts — digital codes used to exchange assets without the need of an intermediary
- Having a full understanding of how the blockchain works and how to interface with the blockchain
- Testing, staging, integrating, and deploying applications
Assembling your team
So, what does it take to find the best talent to help startups succeed in this new and rapidly changing environment? One of the biggest challenges of a Web3 startup is in getting the right mix of suitable people who can help their companies scale and meet the tight Web3 deadlines and fast-changing requirements. These people need to deliver value quickly, sometimes in a matter of months, and most cost effectively.
Many startups struggle trying to stay on budget because they might not realize the advantages of utilizing Web3-ready remote global freelance talent with varied levels of skill sets. At goLance, for example, we’ve helped companies accelerate their Web3 initiatives by augmenting their staff with experienced global freelancers or with entire teams that can plan, manage, and implement the entire development process.
Businesses that outsource development services to a freelance marketplace can often save 25% or more in labor costs because they can bring on talent only when needed to scale up or to provide skills that are not readily available in-house. When you think outside of the box (or outside the Silicon Valley), you can find exceptional global talent ready and eager to deliver the services you need to grow your Web3 business without breaking the bank.
