“ Give you a ticket to Web 3, will you go with them? “
A few years ago, getting a job at a big Silicon Valley company such as Google and Meta was like standing at the top of the career pyramid. In the eyes of outsiders, rich gold, decent, Kochi… Many auras are combined.
Now, however, things are starting to change. While the Silicon Valley giants are still a sweet pastry, another area of work has become even more delicious – Web 3.
Where there is Web 3, there is Web 2. In the Web 2 era, Google, Meta and other Silicon Valley companies are dazzling stars. But when they become giants, they firmly control the flow of information with a centralized model. Users have little privacy to speak of and are miserable.
The blockchain, cryptocurrencies and non-fungible tokens in Web 3 decentralize the flow of information and resources, giving users autonomy. More and more people believe: Web 3 represents the next direction of the Internet.
As Web 3 hits Web 2, the wave has begun to infiltrate the job market, leaving employees at Silicon Valley’s biggest factories ready to go.
High-profile executives and developers are leaving established companies in favor of crypto, blockchain and other decentralized projects, according to a report by Business Insider.
The former Silicon Valley Web 2 giant is fading from its former glory. And the new darling Web 3, what is it that attracts employees?
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Jump from a Web 2 company to a Web 3 company
From Web 2 companies to Web 3 companies, this wave of employee migration begins with executives.
In January, YouTube Gaming head Ryan Wyatt left to join Polygon Studios .
Polygon is a decentralized Ethereum scaling platform, and Polygon Studios is its gaming and NFT division. There are many popular games and NFT projects in the Polygon Studios ecosystem.
Also in January, Sherice Torres , the former chief marketing officer of the Meta digital wallet project, jumped to blockchain payments company Circle to take the same role.
Sandy Carter , vice president of Amazon ‘s cloud computing , has also left her old club to join encryption technology company Unstoppable Domains .
When she posted the Unstoppable Domains recruiting link to LinkedIn, 350 people clicked on the link to apply for interviews within two days. She can’t help but lament that “the momentum we’re seeing in this space is unbelievable.”
And Google VP Surojit Chatterjee left the company back in 2020 to become chief product officer at cryptocurrency exchange Coinbase .
At Google, concerns about keeping employees from moving to crypto companies have grown, according to people familiar with the matter. This topic has become the topic of weekly discussions between CEO Sundar Pichai and his deputy.
In addition, some other Silicon Valley executives are also defecting to Web 3. Former CFO of Lyft and former director of corporate development at Uber, joined NFT exchange OpenSea . Chris Lehane , former senior vice president of policy and communications at Airbnb , joined a crypto venture capital fund.
Many Web 3 companies, no matter how small, can attract many large-scale employees.
For example, in the 20-person team of blockchain technology company Mysten Labs , 80% of the employees are from Meta, Google, Netflix and other big companies. It is worth mentioning that the four founders of Mysten Labs are all from Meta, and the entire company is of “big factory blood”.
Of course, the one that attracts the most employees of the big factory is Coinbase . Its workforce nearly tripled to 3,730 over the course of the year.
Coinbase said it will hire more than 2,000 more employees this year across product, engineering and design teams to pursue growth opportunities in Web 3 and other areas.
Coinbase has its own set of requirements for job applicants, such as prioritizing employees with qualities such as clear communication, efficient execution, and continuous learning. Plus, they should be able to work “mission-centric.”
In general, the number of Web 3-related employees, other than executives, is skyrocketing. Electric Capital reported a 100% increase in developers of GitHub repositories related to blockchain projects since last year.
The back waves of the Yangtze River push the front waves, and each wave is stronger than the other. Web 3 really surpasses Web 2 in terms of employee appeal.
Reasons to Flock to Web 3: Prospects, Higher Salaries
There is an old saying in China: “A good bird chooses a tree to live in.”
When you come out to work, no matter which field you choose, the most important thing is development prospects and salary .
In both respects, Web 3 companies have clear advantages over Web 2 companies.
First of all, the younger generation now likes to work in more cutting-edge and cooler fields. Especially for tech practitioners, who are problem solvers and look forward to learning new things and don’t want to be left behind.
Right now, Web 3 is still an emerging field, with new technologies and models emerging, and employees have a lot to learn.
Alex Bouaziz , CEO of payroll software company Deel , said: “People want to work on the most exciting and innovative areas of technology, right now encryption and Web 3.”
And, Web 3 is on a mission to build and shape the future of the entire Internet, which adds even more professional honor to employees.
In addition, in terms of industry prospects, Web 3 also shows a broader space than Web 2.
Web 2 has been in development for 20 years now, and has entered a bottleneck period of slowing down development, with serious involution, and major factories have been laying off workers recently. As the direction of the next-generation Internet, Web3 is growing rapidly and still has great potential.
The data shows that the daily active addresses of the Ethereum chain have increased from 200,000 in January 2020 to 550,000 recently. This means that more and more people are participating in the Web 3 economy.
Also, according to Footprint Analytics, the total global crypto market capitalization has doubled over the past year and is now over $2 trillion. More and more funds are flowing into the decentralized field.
Data source: Footprint Analytics
It is particularly important to note that compared with Web 2, Web 3 is no longer a single technology, but a field of digital currency, blockchain, Metaverse and other technologies integrated. It has a larger market capacity than Web 2, and employees can There is more room to play.
Every tech worker dreams of changing the world with code.
However, while generating electricity for love and pursuing dreams, we must also consider the bread in our hands.
According to Levels.fyi, senior software engineers at all five FAANG companies (Meta, Apple, Amazon, Netflix, Google) earn more than $300,000 per year.
It seems to be higher than many traditional industries, but Web 3 is more generous.
Coinbase pays software engineers as much as $900,000 a year, according to social forum Blind.
Coinbase offers executives higher income . Chatterjee left Google to join Coinbase in February 2020. When Coinbase went public in April 2021, Chatterjee’s shares soared to more than $600 million, which is only 14 months since he joined the company, and the speed of attracting money should not be too fast.
Compared with Coinbase, some small Web 3 companies are also lavish. Silo Finance , a blockchain financial company , offers senior engineers a salary of $300,000 to $750,000.
Peter Levels , founder of Nomad List , tweeted: ” Whether you like it or not, the price (salary) offered by Web 3 can easily be 2 to 5 times that of Silicon Valley .”
And Web 3 can provide employees with generous salaries, and behind it, there is more food and grass because of the surge in investment.
Blockchain startups raised a record $25 billion in venture capital last year, more than eight times as much as the year before, according to CB Insight.
Data source: CB Insight
Compared with Web 2, the salary structure of Web 3 also has a huge attraction – tokenization.
In some Web 3 companies, the incentives for executives and employees are tokens rather than equity.
Compared with equity, token rights have higher liquidity, and employees do not need to wait for the company to be acquired or IPO to be discounted, but can convert tokens into cash at any time to obtain benefits in advance.
Reflect on yourself, follow the times
Some Web 2 companies complained, and Web 3 companies took away their own employees.
In my opinion, this kind of rant is powerless. Behind the relocation of employees, two problems are reflected: there is something wrong with them; the times have really changed.
In January this year, Glassdoor, the largest recruitment and review website in the United States, released the “2022 Best Employers Rankings” in the United States. Many of the Silicon Valley companies that once ranked high have experienced serious declines.
For example, Meta, which has been on the list for 12 consecutive years, dropped from 11th last year to 47th this year, a direct drop of 36 places. This is the lowest ranking in its history.
Many Meta employees have publicly complained that their company has implemented a “toxic corporate culture” during the epidemic and worked overtime.
In addition, Zoom ‘s ranking this year has also fallen sharply, from 22 last year to 100 this year. Some employees said that in the high-traffic and fast-paced work environment, the corporate culture has undergone a negative change.
Overtime is serious, but the company’s situation has not improved, which is the most hesitant for employees. In the past six months, the stock prices of many technology companies in Silicon Valley have deteriorated.
Meta’s share price has fallen from the highest point of 380 dollars last year to 184 dollars now, a drop of 52%. Even changing its name to Meta and entering the Metaverse did not help the stock price much.
Silicon Valley companies complain that their employees are moving to Web 3 companies, but in fact, they still have to find the reason from themselves.
On the other hand, Web 3 companies attract employees because of the times.
Looking back, from the rise of Web 1 at the end of the 20th century to the advent of Web 2, the rise of each wave was accompanied by the migration of employees. The same is true for the rise of Web 3 this time around.
The times are pushing employees to newer and more valuable formats.
Instead of complaining, Web 2 companies should follow the times and start by changing themselves.
Circle, like Sherice Torres, who left Meta to join, is not a young company, it was founded in 1997. However, its business updates are advancing with the times, and it is currently helping companies use stablecoins and public blockchains for payments and other operations.
In February of this year, Google also said it was studying how to apply Web3 and blockchain networks to its own business.
There are talented people in the country, each leading the way for hundreds of years.
Give you a ticket to the Web 3, will you go with them?
- Web3 is attracting the attention of top global talent (CoinYuppie)
- Crypto companies are tempting top talent away from Big Tech to build ‘Web3’（CNBC）
- Big tech companies like Google, Facebook, and other talent are jumping to Web 3 (cnBeta)
- Why Big Tech is losing talent to crypto, web3 projects（CRYPTOSLATE）
- While Silicon Valley giants are still hesitant, their employees are rushing to the encryption industry on a large scale（netfreeman）
Posted by:CoinYuppie，Reprinted with attribution to:https://coinyuppie.com/seize-the-opportunity-of-web3-silicon-valley-talent-is-busy/
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