What happened to those Internet elites who broke into Web3.0?

In the past year, the concept of web 3.0 has spread globally at a “viral” speed. At the same time, the web3 industry is continuously attracting talents from all walks of life. It is regarded as the next generation of the Internet. It is believed that web3.0 will bring major innovations and reconstruct the current business model.

Web3 is an opportunity for Internet people, and young people are flocking to Web3 like crazy. How are the entrepreneurs and investors flocking to Web3 today? Below are some of their recent interviews.

A friend of mine is an experienced Web2 company tech executive who joined a Web3 company in June. An information-gathering operator, he asked to speak to all 16 employees to find out what was going on before he decided to join the company.
This shows that wanting to join Web3 from the old tech world requires a real focus on the mission vision.
Is the blockchain technology business model really feasible? Usually, when considering and judging whether a new project can build a new L1 blockchain as promised and successfully realize Token rewards, it requires extremely high personal experience and requires rich experience in venture capital and software engineering.
And risk-reward metrics mean there’s a huge chance of success. But with great success comes a huge tax problem…

What happened to those Internet elites who broke into Web3.0?

The leap from Web2 to Web3 is not for the faint of heart

Lucy Lin, founder of Web3 marketing agency Forestlyn, said: “The first thing I see is that everyone in this space, whether it’s an early adopter, a change maker or a champion of change, has an innovative idea. People like to tell How early did they get in.” Before joining cryptocurrency and blockchain in 2017, she had 15 years of experience working in various companies. She said 2022 feels different — for one, the crypto industry is more popular.
“Five years ago, the early days of the industry were filled with ‘immature’ mindsets and behaviors,” she said. “It was like Wild Westworld: anything could happen at that stage, but there was a lack of process, the team was young but inexperienced. I don’t want to be too conservative, but it was extreme in those days. Especially the lack of women represent.”

What happened to those Internet elites who broke into Web3.0?

Lucy Lin of Forestyln

“I’m excited to see more and more diversity and inclusion in the crypto space today — more women, different age groups, even different sexual orientations, races, etc.
” While hacking/scamming is still as common as ever, the field is gradually maturing and more and more comprehensive Japanese talents with various skills are joining,” said Lucy Lin.
As the industry has grown, it has broadened the careers of many people, which is amazing. But it was a whole new world, not the one they were used to. So here are some thoughts from past Web2 hoppers, investors and founders.

Web3 in different areas

The shift from Web2 to Web3 is most evident at the C-suite: Former Google VP Surojit Chatterjee is now chief product officer at Coinbase; Amazon’s Pravjit Tiwana resigns as general manager of Amazon Web Services Edge to become CTO at Gemini; Lyft Brian Roberts, the former chief financial officer of AirBnB, joined NFT platform OpenSea; the former game director of YouTube is now the CEO of Polygon Studios, and the former human resources director of AirBnB also joined Polygon in June.
To improve competitiveness, Google is building its own Web3 division.
The most in-demand jobs in the Metaverse and Web3 space include NFT social media and community managers, content writers and editors, blockchain developers, front-end and back-end engineers, media reporters, growth marketing managers, project managers, and gamification strategists, to name a few.
Angie Malltezi was a technology management consultant for a top global management company, working with Fortune 500 C-suite.

What happened to those Internet elites who broke into Web3.0?

Angie Malltezi of Shipyard Software
Source: LinkedIn

In 2021, she stumbled into a Web3 chat group and is now the general manager of Shipyard Software.
Like many others who made the leap, especially those from the Web2 world, they felt a culture shock.
“In Web3, traditional business etiquette is often not followed. People will come to you at the last minute, or abandon the transaction without any notice,” she said. “People don’t sign non-disclosure agreements, there’s a lack of long-term thinking and planning … maybe it’s also because the initial development is not mature enough.”
She said, on the surface, “Web3 is informal, prioritizes remote collaboration, and the biggest competition comes from You yourself – and the business is done through text messages on Telegram. But the way of thinking of business operators is not as strong as that of Web2 operators, and the financial management of projects tends to ‘pay for attention’, which is from a financial point of view It’s an error of principle.”

“It’s an experimental mindset of ‘let’s innovate as we can,’ rather than a conservative strategic investment tied to a business case with a clear ROI.”

But Malltezi said there are more similarities between Web2 and Web3 than differences. “Both share a desire to innovate, try new things and build a collaborative culture. Both face similar challenges of managing token holders or shareholders.”

What happened to those Internet elites who broke into Web3.0?

Shipyard Software Creates Tailored Solutions for Trading Cryptocurrencies

“In Web2, people are regulated and understand that government agencies govern the bottom line of the business, and as a result, these influence business strategy decisions and partnerships.”
But in Web3, people sometimes try to bypass problems rather than deal with them.

Employer’s point of view

Web3 recruiter Kate Osumi told the magazine she noticed some similar trends among those looking to make the leap:

  • Frustrated with red tape, they need to wait and be ready to build, but need a lot of sign-offs before that happens;
  • They want to call the shots on their own;
  • They want to leverage the flexibility of remote work to foster a global community of entrepreneurs and product makers;
  • They are future-oriented and feel that millennials and Gen Z should constantly question the old system and ask themselves, “Why do we have to do this?” This new generation of builders is more interested in waves of autonomous economic growth.

“But doesn’t that feel like a lazy millennial to me?” I asked.
“No,” she argues. “The work ethic is probably stronger in Web3 because they have skins in the game, with different incentives for the token economy.”
Teams are usually distributed, remote-first, and everyone Take responsibility for your own tasks.
Osumi’s own journey was from 2018 to December 2021 in Facebook’s HR department, to 2021 trying to work with various DAOs, and finally in January 2022 joining Serotonin – a Web3 marketing company and product studio, which Has a customer recruitment service department.

What happened to those Internet elites who broke into Web3.0?

Joining a bunch of DAOs can be a culture shock for Web2 employees

While at The DAO, Osumi quickly became a core member of the Web3 fashion DAO Digitalax. This rapid development “is just about going online every day and interacting with the community to answer questions.” DAOs may be the future of business, but right now, they don’t seem to be very business-focused.

Another problem for Osumi is her real-world expenses, costs, and funding. The DAO “In a sense too much, sometimes a little too much, with bills and rent, I can’t join full-time. Markets are down, Discords are down, treasuries are hacked, all these realities still need to be addressed.”
“At first, the DAO Interesting. But the more DAOs I’ve joined, the more founders I’ve talked to – I’ve found a lot of them don’t even think about tax considerations. Money is fluid, but they’re still living the dream Inside, there is no consideration of survival.”

Web3 is more like quick coding in Web1 mode

Along these lines, Karl Jacob, co-founder and CEO of Bacon Protocol, who was born before the dot-com boom and was even the creator of The Simpsons in the mid-1990s, says “Web3 is very misclassified” The Springfield.com website is established.

What happened to those Internet elites who broke into Web3.0?

Remember Web1?
Source: Twitter

His company, Dimension X, was bought by Microsoft in the late ’90s, and he’s been a consultant to Facebook – although he admits that when he first met Mark Zuckerberg, he “didn’t know what a social network was”.
“Culturally, this period is more like Web1,” he said. “The Web1 motto was ‘whoever releases the code wins’. Likewise, in Web3, whoever delivers the code wins.”
“The ethos—building infrastructure for others—reminds me of the Web1 playbook. Ecosystem You will be paid for your participation.”
He points out that in Web1, a community vote is required for a proposal to take effect on the Internet. But today, the DAO has taken on this responsibility, and the DAO is likely to evolve into an excellent organization that incentivizes output. On the flip side, though, we “may also make some mistakes with voting.”
Jacob founded LoanSnap in 2017, initially as a Web2 fintech company. However, the company realized it could underwrite mortgages faster and more efficiently through blockchain technology and became the Bacon Protocol.
According to Jacob, blockchain is a honeypot for attracting talent.

“Web3 is a shiny new thing – everyone wants to work on it. The real engineering is happening. Cryptographic security is not yet fully realized, but this problem is attracting countless people to solve it.”

How Product Management is Different in Web3

Web3 product development is less reliant on analysis than Web2, which is more confusing and less scientific. In Web3, product development feedback occurs during product build.
Hedge founder Sebastian Grubb said that feedback has been mixed. Grubb worked as a product manager at Google for five years until October 2021. He was building products with large teams and wanted to try new things. After playing with different DeFi protocols, he became very interested in building a DeFi himself .

“One of the advantages of Web3 is that you can often connect directly with users via social media, which usually doesn’t happen at established tech companies. Some teams do see this as a disadvantage, as customers typically only seek to connect when they have a complaint.”

Still, “overall, the space is very popular, and everyone is trying to help each other out with similar issues,” Grubb noted.

Malltezi says that one of the reasons why Web2 analytics and product metrics are less used in Web3 is that they are less useful: “For the past 15 years, Web2 has been fine-tuning how to calculate CAC (cost of customer acquisition) and how to measure LTV. [customer lifetime value], but Web3 has different incentives, which makes it unreliable to infer user behavior from data.”
So the people of Web2 need to figure out the problem to solve first and look at the business model and ecosystem, and then Consider whether to jump ship.

Telstra Ventures partner Yash Patel said technology was key. As a late-stage entrepreneurial investor, Patel expects to gain traction, “Deep research into token economics is my north star. I focus on user acquisition and token economics, but analyzing data from the last three clicks in Web3 is much harder “
In a way, airdrops have been renamed ‘customer acquisition costs,'” he said.

What happened to those Internet elites who broke into Web3.0?

Telstra Ventures’ Yash Patel on CNBC
Source: CNBC

About career development roadmap and token economics

Do your homework before jumping to Web3 and consider the pros and cons of getting paid in tokens. Grubb, a former Googler-turned-DeFi man, said: “It’s still a bit difficult to pay people in crypto in the U.S., even though there are quite a few companies trying to solve this problem. Also, we’re still seeing people wanting to get paid in fiat for formal employment. , so there is a need for more infrastructure.”
“But that hasn’t stopped some companies from making a name for themselves by paying their employees in cryptocurrency.” Getting paid in tokens is not the same as getting equity in a business. “Using tokens to get liquidity faster is both a blessing and a curse, as employees are more likely to join, but may leave once they get liquidity,” Grubb told the magazine.

“However, I think it’s a good thing because previously equity/options in companies required employees to take huge risks and liquidity risks were minimal unless the company was acquired or listed.”

Web3 salaries paid in tokens also mean they can fluctuate. Given that all startups are risky, it is always wise to cash out a certain percentage of tokens as soon as possible.
It might be a good idea to ask to see the capitalization table and consider who to invest in, and when these tokens can be unlocked and can be dumped.
“Web3 operates in a still problematic regulatory environment with perverse incentives. Founders and employees should strive for controllability and make sure their teams don’t get shot in the sand, and then don’t forget, pay attention to taxes problem,” warns Anton Bernstein, founder of Web2 (Luxury Escapes) and now Web3 (Pocketworlds).

Beware of the Pitfalls of Token Taxation

Ex-Web2 employees need to embrace a bewildering array of new terminology related to token economics, and have to figure out if paying in locked tokens is worth the risk of zeroing them out, after all, real life still has huge tax bills to pay.
Shane Brunette, founder of CryptoTaxCalculator, recommends determining an individual’s income tax amount and converting tokens back to fiat as soon as they are received.
“New Web3 players need to consider the tax implications of paying in locked tokens, which may be uncertain due to the lack of clear guidelines,” Brunette said.

“For example, an employee could initially sell at a premium to realize income, and if the token falls before the employee sells, this could result in an inflated tax bill. If the token goes to zero, in some jurisdictions it could even mean that the employee is saddled with taxes debt.”

Is it possible to shorten the time to profitability?

It’s too early to tell. Web3 joiners may believe in the spirit of decentralization, but they don’t necessarily have the technical knowledge they’re building. The ability of Web3 joiners to switch careers depends on the commitment of the founding team.
Web3 companies with sound business models have the potential to get to market faster, offering a faster path to profitability. These can be powerful incentives to join. However, according to Sanjay Raghavan, head of Roofstock’s Web3 and blockchain initiatives, Web3 joiners need to be acutely aware that there are significant conceptual differences between the two fields. “Web2 companies have traditionally viewed their walled garden tech stack as their core IP. Web3, on the other hand, is based on open source and decentralization, giving power back to the people. In this new model, the code is no longer your IP, It’s about creating a community that’s passionate and engaged. That’s where you compete.”

And “see if those things work — what’s real, what’s not real?” Raghavan said.

summary

Finally, the vernacular blockchain would like to say that people who are involved in Web3, whether it is the cultural shock after changing the environment, or the new wave of new requirements for talent skills, whether it is Token economics or a decentralized product management model , the transition from the existing Internet to Web3 is destined to be an inevitable trend.

When the old and the new are changing, it may only be said that Web3 applications are still in the early stages of development, but looking back many years later, we may realize that we have actually become a part of driving this change.

Are you ready for the arrival of Web3?

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/what-happened-to-those-internet-elites-who-broke-into-web3-0/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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