Is A Web3 Career For You?

Though the ecosystem is nascent and not yet clearly defined, these four questions will give you more clarity on whether it is a risk worth taking.

In tech today, there are two broad categories of companies. There is FANG – Facebook (Meta), Amazon, Netflix and Google (Alphabet) – that pretty much runs our digital lives. And then, there is everything else – basically, the challengers.

Some may remember a time when FANG were challengers to the establishment themselves. In the 1990s and 2000s, when the internet was characterised by the top-down sharing of information from governments and corporations (also known as Web1), they spearheaded a paradigm shift.

Web2 – the internet as we know it today – features increased interaction between content creators and end-users, and integrates user-generated information into the digital brain. This radically changed the way we consume information, and in fact, the way we lived. It also broke down barriers of access for billions of people worldwide.

However, as these companies grew, the “challengers” became the “establishment”. And many realised that “free access” was not “free” after all. It came with a price. In exchange for the use of Facebook, Instagram, Google, Twitter or YouTube, we traded our data and digital identity, and tech giants were making huge profits off it.

This digital identity is stored in what some critics call the "walled gardens" of big tech companies. In other words, corporations owned our data; not us. We could not take our digital identity with us across different companies to enjoy browsing, shopping and entertainment seamlessly. In addition to that, this small handful of companies also dictate what we can or cannot say or do on their platforms.

THE NEXT EVOLUTION

That was a lot of power controlled by a very small group of technocrats, and many have become increasingly uneasy. Web3 rose in the wake of this uncomfortable arrangement. 

This new iteration of our digital lives was underscored by two premises. The first is a decentralised internet built on a blockchain system. 

Put simply, search engines, social networks and marketplaces will no longer be run on a single server and owned by a big tech company, but instead run on many computers, and operated by many users who get a vote in decisions. In other words, the next time you go online, Google, Facebook, Instagram and YouTube would not be your default go-tos. 

Another important difference: You would own your own data, content and digital assets. If you filmed a spoof, posed with your favourite bag, or took a funny picture of your cat, the content would be unequivocally yours, and you would profit from it, not some social networking platform. You could also take this data and digital identity with you when transiting from social media to email and shopping for a more seamless experience.

That is just the basic philosophy of it. How far and where this concept goes is yet unknown. 

That said, in 2021 alone, investors pumped $23.7bn into start-ups associated with Web3. Even Web2 tech giants have adopted some Web3 ideas – Google Cloud began building a team focused on Web3 technologies last year.

Unfortunately, 2022 broke some of that momentum, first precipitated by the interest rate hikes and a “crypto winter”, followed by a more dramatic Luna crash in May 2022 followed by a more dramatic FTX in November.  All this has put the risk of Web3 into greater focus. With that in mind, should you still consider a career in Web3 today? 

Before you do so, here are four key questions to ask yourself.

#1 Do you believe in the ethos of Web3?

“Start with the why? Why are you going into this space?” said Elena Chow, founder of ConnectOne and co-founder of Talent@Web3, a platform that connects Web2 and Web3 talents, at a recent panel discussion on “Working-in-Web3” organised by Moledao. “Firstly, you have to understand the philosophy of Web3 – decentralisation and user ownership,” she explained.

The next question is: Are you invested in the same beliefs? 

This is important because at the moment, Web3 is a collection of projects within this ecosystem. Since the vision has yet to be fully realised and no one really knows how it will evolve, or which projects will succeed or fail, it is this philosophy that holds the entire ecosystem together. It is what connects and mobilises the Web3 community.

So if you are just a crypto degen interested in speculative trading of cryptocurrencies, then the risks versus rewards may make Web3 far less appealing at this point in time.

#2 What is your investment horizon?

Think of your career as a huge investment of your time. In that vein, your time frame is crucial. 

“Last year was a disastrous year for Web3. Prior to that, many Web2 companies, enterprises and governments were very keen to experiment with Web3,” said Chow. 

However, along with cryptocurrency and NFT prices, all that crashed in 2022. With this huge setback, Web2 companies, enterprises and governments are more skeptical of Web3 today. Some even associate it with scams.

“I personally feel that we should avoid using the words ‘crypto’ or ‘web3’ when we talk to folks in Web2 now. We should just focus on the use cases and benefits of the technology, or the philosophy,” Chow shared.

Because of the setback, talent should not expect Web3 to gain the kind of momentum, funding or legitimacy it had before in the short-term future. “If you are looking at being successful in the next 12 months in a Web3 company, maybe think again. It might not happen,” Chow said.

#3 How much short-term risk are you willing to take for a first-mover advantage?

Obviously, the potential for growth in the ecosystem is immense. Even if you are not convinced that the idealised version of a decentralised internet and user ownership will replace the big tech companies, it is increasingly clear that Web3 may be harnessed for companies and governments. 

Some practical uses include Document GPS, which taps into blockchain to tokenize email attachments to give you control over who can download, share or access your email attachments even after a recipient has opened the email.

Closer to home, digital certificates from many educational institutes in Singapore including the National University of Singapore (NUS) and Nanyang Technological University are built on blockchain.

Even lifestyle brands are investing in Web3. Nike launched .SWOOSH, a Web3 enabled platform to support an inclusive digital community and home its virtual creations, and Adidas is exploring ways to integrate cryptocurrency and Web3 technologies into marketing and sales.

Though the current uses are still limited, the potential is clear and being a first-mover will position you as a highly sought-after talent when the technology takes off.

“I think it is the same as the early days when a retail company wanted to go into ecommerce. They weren’t exactly sure what ecommerce will bring to the company because it might just be two per cent of the business at that point. So they might wonder why they are even doing it,” said Chow.

Of course, with ecommerce replacing many brick-and-mortar stores, the benefits of being an early adopter are clear to see today. Could this be the case for Web3 too?

“Similar to an offline business going online in the early days, while we may not be able to justify going into Web3 at this point, perhaps the returns will come later,” suggested Chow.

#4 Are you confident of working without structure?

One thing to bear in mind about a Web3 career is that it is unchartered territory. The space, rules and roles are constantly evolving, and waiting to be unlocked.

How will it be applied to data ownership, gaming, finance, artificial intelligence and the metaverse? No one really knows yet. So you certainly cannot expect to learn about Web3 in university or college, or from a textbook. 

How it evolves will depend on how people like you connect with other like-minded individuals to work on projects, some of it with the potential to solve problems we are yet unable to envision, and change the way we live and connect.

“The actual use case for most projects  is very hard to say because many things are still in experimentation right now,” said Chow. Hence, the best way – and perhaps the only way – to learn about the space and its potential is to contribute towards it.

“After you have figured out one or two areas that you're most interested in, look for some projects to contribute towards. As you know, in Web3, we always need contributors. So if you're interested in a particular project, get involved in the project and join the discord channel. As you contribute, you will learn about Web3 and its potential,” said Chow.