Web3 is the future of work, emerging from the global interest in self-sovereignty. Before we get into Web3, let’s go back to where things started: Web1. Information could be read, but lacked interactivity from users. Web2 allows for interactivity but is regulated by big business and shows a digital hierarchy. Web3 hopes to decentralize online spaces and make them for everyone. Web3 is growing in popularity, not just in terms of technical advances, but also in interest from the general public. Every month, in the United States alone, online searches for Web3 average nearly 200,000 questions.
The Rise of Web3
Web3 solutions have lead to rapid technological advances. A large group of developers worked on an open source Web3 project–the highest number in history at over 34,000. Today, almost 20,000 developers are still actively contributing to the project. Not only are developers focusing on improving Web3 solutions, but also more people than ever are engaging with these new technologies. Over 15% of Americans have invested in some form of cryptocurrency. Worldwide, more than 18,000 global businesses accept crypto as a payment method, and over 100 million people now use crypto exchanges.
The market potential for Web3 is evident. The current total crypto market cap is worth around $870 billion. Within the next decade, the global metaverse may be worth around $13 trillion. There great market potential for crypto. Nearly $5 billion has been pledged to emerging Web3 ventures. So, how does this influence the job market for those entering the market and existing businesses?
As the digital world changes, so does the work potential. Of course, new digital roles are in high demand. Workers can now engage in independent work, which has become a significant trend. On average, working independently generates more revenue than salaried workers; in 2021, independent workers earned $83,792 compared to salary workers, who earned $49,440. Along with revenue potential, the flexibility of work on Web3 platforms sparks new ideas. More people are turning to self-employment than ever before; by 2028, there is an expected 90 million self-employed workers.
How Web3 is Empowering the Self-Sovereign Worker
Deregulation supported by Web3 ventures is empowering workers to take steps forward in their careers. Whether it be a startup or a longstanding business, there are opportunities for everyone and their business goals in the world of Web3. More people than ever are engaging with Web3 technologies. In 2019, 57% of workers had flexible schedules, and this number has increased, showing less reliance on the 9-5 timeframe. Web3 enables employability from around the world, long-term job security, and increased job opportunities in tech.
Whether you’re looking to start a business utilizing Web3 technologies or expand your business, it can offer the future of payroll and benefits. Sole practitioners, independent contractors, and gig workers can use it to access business services like payroll compliance, tax withholdings, automated semi-monthly payroll, and more. They also offer group 401(k) and solo 401(k), as well as various IRA options. In addition, you can source independent employee benefits and manage cash flow to easily accommodate vacations and holidays. With Web3 technologies, you can get independence for your business without compromising.