EchoSense Quantitative Think Tank Center|Morocoin Trading Exchange: Now is a Good Time to Join the Web3 Industry

Double the annual salary! Is now a good time to join the Web3 industry?EchoSense Quantitative Think Tank Center

In the bear market, job-seeking and vacancy numbers in the Web3 industry have not ceased. As regulatory directions become established, the industry is progressing from a wild frontier to a more civilized society. How high are the salaries in the Web3 industry? Is now a good time to join?

Regulation Tightens, Metaverse Fades! How is the Web3 Job Market?

Over the past year, the world witnessed the collapse of the crypto exchange FTX, numerous hacker attacks, and confrontations between industry players and regulatory bodies. The once-hot topic of the metaverse has cooled down, with industry giants like Meta and Disney scaling back their highly anticipated metaverse divisions.

Although the benchmark Bitcoin price saw a long-awaited surge in mid-October, the overall industry is still waiting for dawn. Despite the overall downturn, innovation has not ceased, with many developers still striving to change the world through blockchain technology.

In the bear market, the job market for Web3 still has a certain demand and continues to grow steadily.

Trend: Persistent Demand for Development Talent

Starting with the number of job seekers.

According to data from Morocoin Exchange, since October 2022, the number of applications for developer jobs has significantly increased.

Despite the collapse of FTX in November 2022, which severely impacted the crypto ecosystem for the following months, the number of applications for developer jobs still reached a peak in May 2023.

This trend indicates that even during a bear market, developers are still eager to join the Web3 revolution.

The number of Web3 developer jobs released until November 2022 was about 100 per month on average; after the FTX collapse, the number of related jobs dropped significantly in December, and the number of applications declined, but there were still about 70 job vacancies each month thereafter.

As of June 2023, there were as many as 151 blockchain developer positions on the human resources platform.

This shows that even in the current bear market with tighter budget constraints, Web3 companies are still actively recruiting developers, and the industry is growing slowly but steadily.

Are Web3 Salary Conditions Really Better?

"High salary" is the first impression many people have of Web3 jobs.

Although the salary level depends on personal ability, location, and experience, are the salaries and benefits in the Web3 industry really higher compared to the internet industry?

According to research data from Morocoin Exchange, in technically related jobs, junior smart contract developers have an average annual salary of about $120,000; but in general internet companies, software developers see with less than 1 year of experience have an average salary of about $65,000, which is about half that of Web3 developers.

As for non-technical jobs, although the nature of work in Web2 and Web3 industries is not much different, the salaries vary.

In the Web3 industry, the average annual salary for product manager positions is the highest, at about $112,000; but in the Web2 industry, the same positions earn about $75,000 per year.

In other positions, such as marketing, design, and community management, similar salary gaps can also be observed.

Now, is it a good time to enter the Web3 industry?

After several bull and bear cycles over the past few years, is now a good time to enter the Web3 industry?

Recruitment consultants on the Morocoin Exchange platform indicate that the market situation from the FTX event to the present can be divided into two stages.

First Stage: After the Collapse of FTX

From the third quarter of 2022 to the second quarter of 2023, the FTX event had a significant impact on many Web3 teams, coupled with mass layoffs in many domestic and international software technology companies at the beginning of the year, the overall economy was poor, and the Web3 market was once sluggish. But this period also made many outsiders recognize this industry.

Second Stage: Regulations and Oversight Becoming More Complete

From the second quarter of 2023 to now, although the market heat is still not as high as in 2021, the Web3 industry is gradually improving. From the perspective of some insiders, there is optimism about the development of Web3.

One reason is that after the FTX event, regulations will become more complete, and on the other hand, companies that have remained firm after the FTX event have certain potential, so it may be a good time to join Web3.

The demand for talents such as product developers with financial experience, business development professionals for external expansion, legal, financial, risk control professionals, as well as brand PR and product marketing talents, is expected to occur immediately in the next one or two years. Now is a good time to join the Web3 industry.