As the last two years of the bull market disappear and a new bear market seems to set in, only talented people with strong convictions can find the motivation to dedicate their full time to Web3, blockchain and cryptocurrencies.
In the good years when the cryptocurrency market was on the rise, many curious professionals interested in disruptive technologies gave in to the idea of working with startups in this area.
The demand for talent usually outstrips the supply as there is a limited number of people who have the necessary experience to work in this rapidly evolving industry and are ready to take on a new venture, and longevity is questionable.
Emerging markets are attracting talent and educating new people about what can be achieved with this disruptive technology. Bear markets test the convictions of even the strongest minds and reward those patient enough to survive. As the industry is expected to grow over time, it will need more talent to support innovation.
Raman Challupau, founder of CryptoJobsList, a Web3, blockchain and cryptocurrency job listing platform, told Cointelegraph:
“I would not be surprised if the bear market reaction continues into 2023. Unless we see some major disruption or other surprises from regulators, we are likely to enter a performance plateau phase when it comes to full-time opportunities in the industry. Clearer business models and more money. Investors in a space that offers many opportunities for land grabs, all of which require human capital.”
As the cryptocurrency market continues to cool off from all-time highs and projects cut their budgets for the next bull cycle, finding a full-time job during a bear market may not look as attractive, and it may not be as easy as during a bull scenario. .
The current situation in the cryptocurrency market
A downward trend in a market can be measured by the amount of continued employment. According to data from CryptoJobsList, the number of job postings and talent interested in this field has decreased by approximately 30-40% compared to the hiring frenzy at the peak of the last bull market in February 2022.
In November 2021 alone, as many new jobs appeared as in the whole of 2020. pic.twitter.com/HnQrHfbDAL
– Crypto Job List – Solidity NFT DeFi Web3 Jobs (CryptoJobsList) April 22, 2022
“Recruitment and demand for talent has stabilized in recent months. After the freeze and layoffs in May and June, we see that more companies are sending capital to key positions, commented Schalopau. “Thanks to some layoffs, we now have more talent with experience in this area.”
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Demand is affected by negative price activity. The abundance of talent currently looking for work can be a positive thing in an innovative field like Web3. This oversupply means that new projects can employ skilled people who can end up in a larger organisation.
As young projects continue to discover the business models and requirements for industry talent that lack experience and best practices, it is reasonable to assume that price activity and volatility will be reflected in the number of job postings.
“Typically, flash sales of 10% or more are followed by a period of uncertainty and caution, which most companies practice,” Schalupau explained. Of course, this will depend on the nature of the business and how the company’s financial management is managed, as many projects divide their funds unevenly between fiat and stablecoins, as well as volatile assets such as ether
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The uncertainty associated with price volatility affects professionals’ willingness to invest time and effort in a project. The presence of such dynamics in the game creates skepticism among many professionals who believe that a bear market is not the right time to join the industry. This can greatly affect professionals who are in the process of switching completely to cryptocurrency. Shallobao said:
“Those who are still not sure if they can work in cryptocurrency full-time are confirming their doubts with falling prices and subsequent fear. It doesn’t make sense, but it’s actually the other way around: a bear market is the best time to get into crypto and get a job.”
Lessons learned from the previous course
At the height of any bull market, projects tend to hunt for certain technical talent to add to their portfolio.