You may be asking yourself, what is Web3? Many others are asking the same question. Every month, online searches for “Web3” average nearly 200,000 queries in the United States alone. Before Web3, there was Web1 and Web2. Web1 consists of read-only information, and Web2 exists as a digital hierarchy regulated by big business. Web3 is intended to decentralize online spaces for everyone; a global interest in self-sovereignty is fueling the charge.
Web3 is closer than we realize. Technology has made rapid developments over the past decades. This includes developments for Web3 solutions. In 2021, over 30,000 developers worked on an open source Web3 project; this was the highest number in history. Currently, 18,000 developers are still actively contributing to the project, which includes blockchain, decentralized social media, web token technology, and API3.
How People Interact in Web3
Now more than ever, people are engaging with these new Web3 technologies. Over 15% of Americans have invested in some form of crypto, and more than 18,000 global businesses accept cryptocurrencies as a payment method. Additionally, more than 100 million people worldwide now use crypto exchanges. Web3 is large and continuing to grow. Currently, the total crypto market cap is worth $873.07 billion, and the global metaverse may be worth $13 trillion by 2030. Thus far, almost $4.5 billion has been pledged to Web3 ventures.
Not only does Web3 have a great capacity for growth, but new technologies also lead to new digital job roles. In Web2, 85% of people hate their jobs. New digital roles including full-stack developers, technologists, and data scientists, are in high demand. Most notably, full-stack developers have had a 141% increase in demand. In our current economy, independent work generates more revenue than wage and salaried workers. Work flexibility sparks new ideas. Now more people are getting that opportunity; over 4 million people work remotely.
So, how does Web3 integrate? Web3 enables the self-sovereign worker. By 2028, there will be 90 million self-employed workers. The deregulation spearheaded by Web3 is empowering workers to step forward. This can be seen in the labor shifts in 2021; 2 in 3 people quit their jobs in 2021 because of greater opportunities. More people are turning to self-employment than ever before.
This Web3 future of work allows you to source independent employment benefits, including health, dental, and vision insurance. You can also manage cash flow to accommodate vacations and holidays. It provides access to shared business services like payroll compliance, integrated partners with discounts, and automated payroll with semi-monthly USD or crypto. In the end, it helps you streamline your transition to the sovereign work Web3 allows.