Web3 will have a massive impact on the way we run our businesses, and this change is closer than we realise.
Web1 consists of read-only information, and Web2 is a digital hierarchy regulated by big businesses. Web3 differs from the previous two by creating a decentralised online space for everyone, fueled by global interest in self-sovereignty.
The rise of Web3
Web3 has rapidly developed over the past few years, and more people than ever are engaging with the new Web3 technologies. Namely, over 34,000 developers worked on an open-source Web3 project in 2021, contributing to the blockchain, web token technology, and decentralised social media.
Additionally, cryptocurrency has risen in popularity; over 100 million people worldwide use crypto exchanges, and more than 18,000 global businesses now accept crypto as a payment method.
There is a lot of market potential for the world of Web3. The current total crypto market cap is worth over US$850 billion, and by 2030, the global metaverse may be worth US$13 trillion. Over US$4.5 billion has been pledged to Web3 ventures thus far, which will continue to rise as more businesses engage with Web3 technologies.
As the digital world changes, so do work. Most importantly, Web3 enables the self-sovereign worker. Independent work generates more revenue than wage and salaried workers and will help bolster the economy.
The flexibility of work is sparking new ideas and empowering workers to step forward. Specifically, 4.3 million people now work remotely, and two in three people will quit their jobs in 2021 because of greater opportunities.
This shift towards self-sovereignty in the workplace is unbalanced in terms of age. Only 26 per cent of Boomers are participating in the gig economy compared to 81 per cent of Gen Z. That being said, over 70 per cent of Americans from all generations say they want to be self-employed. Web3 allows individuals of all ages to reach that goal.
Web3 technologies enable less reliance on the nine to five, employability from anywhere in the world, long-term job security, and employment perks available outside the office. In 2019, 57 per cent of workers had flexible schedules, which has only risen due to the pandemic and evolving technologies. There are over 18,000 borderless digital currencies that allow for a permissionless ecosystem, employing people worldwide.
Also Read: How Web3 will revolutionise borderless banking in Southeast Asia
Not only do Web3 technologies empower work flexibility, but they also open doors for new jobs. By 2025, more than 12 million jobs will be created by tech. New digital roles are in high demand. For instance, full-stack developers experienced a 141 per cent increase in demand, and technologists experienced a 128 per cent increase in demand.
Not only will new job roles emerge, but also happiness and overall satisfaction in people’s careers will rise. In Web2, 85 per cent of people hate their jobs. On the other hand, 81 per cent of people believe Web3 will improve their happiness and wellbeing.
Preparing for Web3 work
While the world of Web3 may sound exciting, it’s important to prepare yourself for Web3 work. For those interested in cryptocurrencies, diversifying your digital assets and tracking changing trends is essential.
Freelancers should find a like-minded community and decentralise payments with crypto. Those who operate like digital nomads should secure long-term retirement opportunities and upgrade payroll and benefits for sustainability. Small business owners should join a coalition to defend independent workers and leverage tax tools to remain compliant.
Now is the best time to transition to sovereign work. The future of work, thanks to Web3 payroll and benefits, is now.
With this work revolution, independent contractors, gig workers, and sole practitioners can source independent employment benefits, access shared business services, and leverage work rewards tokens.
It provides health, dental, and vision insurance throughout the United States at up to 50 per cent less than state premiums, and they are currently the largest Cigna network. Additionally, you can manage cash flow to easily accommodate vacations and holidays. Furthermore, there are group 401(k), solo 401(k), and various IRA options available.
In addition to independent employment benefits, businesses can access payroll compliance, integrated partners with discounts, and automated payroll with semi-monthly USD or crypto. Also, it provides tax withholdings services to eliminate manual quarterly filings and penalties.
Web3 values privacy and property rights while ensuring trustworthy interactions between businesses. Global leaders look favourably to the future of Web3 work.
Web3 empowers individuals to become workers, investors, shareholders, creators, designers, and more. Champion Web3 independence without compromise in the Web3 community.
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