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Should I consider a career in blockchain?
- Job postings on LinkedIn related to the blockchain industry soared 395% between 2020 and 2021
- Digital asset companies are continuing to hire for a wide range of roles, despite the recent market downturn
- There are pros and cons to working in such a new industry which should be considered before leaving your current job to work in blockchain
- For those who have considered their options carefully, a career in blockchain could be a rewarding and challenging experience
Last year witnessed huge growth in the digital asset industry, as blockchain start-ups raised a record of $25.2 billion during the year, with 59 companies raising more than $100 million, according to the CB Insights report. Accordingly, we are seeing a hiring frenzy not just in cryptocurrency businesses across the globe, but also across associated web3 sectors such as NFTs and metaverse projects. With opportunities available in a diverse range of fields, from marketing to software development, you may be asking yourself: should I consider a career in blockchain?
Crypto labor demand
Job postings related to the US-based digital asset industry increased by an impressive 395% year-on-year in 2021, according to the employment-oriented social media platform LinkedIn. As such, it far outpaced the growth of the broader tech industry, which saw an increase of 98% over the same period.
While many of these job openings are blockchain developer and engineering positions, it’s important to remember that any digital asset company is still a business. As such, they require specialists in marketing, content, human resources, operations management, business development, IT departments, and many other areas.
Will it last?
The hiring spree we saw in 2021 coincided with a crypto bull market and the coming of age of decentralized finance (DeFi), with the total value of cryptocurrency locked in DeFi protocols up nearly 800% during that year. As such, it is natural to worry about whether these high levels of growth are sustainable in the long term.
However, despite the recent market downturn, we are only seeing a slight slowdown in some web3 sectors, such as the recent announcement of a hiring freeze and associated layoffs by Facebook’s parent company, Meta. The majority of cryptocurrency, DeFi and digital wealth management companies continue to hire aggressively, as many of the start-ups launched in 2021 (including Yield App itself) prepare for the next stage of growth.
In the longer term, the global digital asset market is expected to continue growing at a fast pace for the next five years, reaching around $32 billion in total market cap by 2027, 16 times the current $2 billion. As such, it would be fair to expect this segment to be an ongoing source of career opportunities for years to come.
The pros and cons of working in blockchain
So why would you want to work in the blockchain industry? There are many reasons why people around the world are leaving their jobs in other industries to work in the digital asset sector. However, as with any new industry, there will inevitably be teething problems. Here are some of the pros and cons to consider before leaving your current industry to work in digital assets.
- The global perception of the digital asset industry remains challenged
- Being paid part or even all of your salary in cryptocurrency means your salary rate can be variable and dependent on market conditions
- The market moves very quickly and can experience high levels of volatility
- Working alongside a young, energetic, talented and motivated workforce
- Helping to develop and grow a cutting-edge new technology
- Working for an industry with a huge growth potential
- Employees are typically rewarded with the token of their project and potential rewards for early adopters can be significant
- Growing your knowledge and experience of cryptocurrency
Where to look for a blockchain job?
If you’re ready to take the plunge, there are many options to look for a job in the digital assets industry. Apart from LinkedIn and traditional job search sites, there are also many crypto-specific websites worth a visit, including:
At Yield App, we currently have many new positions open in several locations around the world, including Senior Digital Marketing Manager, Communications / PR Manager, Finance Director and Motion Graphic Designer, and we are always looking for talented Software Developers. Anyone interested can check out the Careers page on our website and email [email protected] with their CVs.
The application process
As is true with any potential investment in digital assets, research is essential when considering a career move to avoid working for a fraudulent project. Take your time to research your preferred companies: their websites, whitepapers, their existing team and whether they have a history of delivering successful projects.
If you are completely new to digital assets, it’s always best to target the bigger, more established players as they will have many open positions and the resources to train and develop talent. Smaller start-ups typically require individuals with at least some prior knowledge and experience of digital assets.
Whatever your level of knowledge, remember this is a competitive field so it will be crucial to show your passion for the space and any prior experience, even if it’s simply personal knowledge from trading digital assets or using DeFi protocols. If you decide to make an application, outline your level of knowledge and experience and name any protocols, tokens or areas you are familiar with.
Growing your network can help greatly with your job search. Those that are already operating in the blockchain space are passionate about the industry and want to see the sector continue to grow and develop. As such, most are happy to share knowledge or offer tips that may assist you in securing that first position in this industry.
The bottom line
So there you have it: a quick look at the pros, the cons and the practicalities of a career in blockchain. Of course, personal circumstances will play the biggest part in your decision. However, if you are passionate about blockchain technology and excited about the idea of working in this growing new field, there are many opportunities available. One thing is for certain: it is sure to be a challenging and rewarding experience.