Tech Workers Go to Web3 Companies amid Layoffs

Web3 companies are starting to hire actively amid layoffs at big tech companies, Cointelegraph reports.

Due to economic problems, many tech companies are being forced to cut some of their staff. According to Layoffs.fyi, more than 700 tech startups have faced layoffs this year, affecting 93,519 employees worldwide.

Many of the laid-off employees are moving on to early-stage Web3 companies. Despite the downturn in the crypto industry, the projects created during this period are seen as an exciting opportunity. For instance, Slava Rubin, founder of the crowdfunding website Indiegogo, told:

I built Indiegogo during the 2008 bear market, and I think we will see the same thing in this market. In about three to five years, we will see some very strong companies emerge that know how to use capital efficiently.

For now, well-funded Web3 companies continue to recruit. For example, Sebastien Borget, co-founder and COO of The Sandbox, told Cointelegraph that there are currently 103 vacancies on the popular metaverse.

The excitement of working in the front row of Web3 is big, and we are enjoying this interest towards our open positions,

he said.

According to Borget, The Sandbox has grown to 404 employees this year, almost double the 208 staff members it had in December 2021.

As Web3 companies continue to attract both new and acquired professionals, jobseekers are beginning to show a desire for the skills needed to work for these companies. Priyanka Matikshara Mathialagan, president of the Stanford Blockchain Club, has noticed an increase in the number of undergraduate students at Stanford taking blockchain-related courses in preparation for careers after graduation.

This year, we had more students enrolled in professor Dan Boneh’s cryptography class than those enrolled in traditional computer science courses,

she remarked.

However, as the crypto market remains bearish, it causes a number of concerns among Web3 companies. For example, while companies remain focused on growing during a bear market, fundraising can be problematic, so companies are acting prospectively.