3 Reasons Why You Should Freelance In Web3

Why freelance in Web3 

Remote-first

‍Freelancing is not unique to Web3, of course. Digital nomadism has been popular since applications of Web2 technologies like e-commerce, and social media made it possible to earn money online.

But even most Web2, internet-era companies have, and always had large corporate offices. If you weren’t born in a country where Google had an office, to work for them, you simply had to relocate.

That meant that despite the fact that it has been technically possible for freelancers to earn money online for over a decade, most opportunities for work really remained closed off as companies hired and contracted locally.

Even when the business process outsourcing (BPO) industry boomed, much of this was structured in a way that favored large offshore call centers or professional service providers - not individual freelancers. 

In contrast, jobs at Web3 companies, or even DAOs are almost always remote.

The reasons for this are twofold. Firstly, the emergence of cryptocurrencies and stablecoins meant that anyone could get paid anywhere, anytime. Secondly, a bullish recovery in the crypto markets referred to as “DeFi summer”, coincided neatly with a global pandemic that forced entire countries into lockdown. 

During those few years, remote work went from being a fringe lifestyle to a virtually universal norm around the world. That period validated new ways of building and organizing teams that are here to stay. 

Remote work is a boon for freelancers. It blurs the distinction between freelancers and full-time team members. It has made organizations comfortable with hiring and working with someone that isn’t physically present. 

The fact that the entire Web3 industry is leading the remote revolution means unprecedented opportunities for freelancers in Web3.

Fast-growing

‍This is hard to believe, especially with everything that happened in 2022, plus predictions of a global recession in the coming year or so. But hear me out.

Most of you reading this are too young to remember the dotcom crash. But reading historical accounts of the people who lived through it - the founders, the venture capital firms, and news reports from around that time, paint a sordid picture.

As internet companies collapsed en masse, stock prices of industry leaders went to zero after reaching giddying highs, startups shuttered, and the scoffers spared no effort to declare that they were right all along. The internet was a fad, a bubble, a charade now exposed.

If that sounds familiar, it is because all technological hype cycles follow the same patterns, and humans are frightfully forgetful. The entire Web3 industry started with a fringe collective of cypherpunks and anarcho-libertarians on an online forum, with an anonymous member who had created an online currency called Bitcoin in 2008. That was just 3 years after YouTube launched, or 8 years after PayPal was born.

There are many ways to track the rapid growth of the Web3 space. But metrics like market capitalization, or wallets are problematic since valuations are not transactions, and multiple wallets can be spun up easily. 

A more interesting statistic for Web3 freelancers is the fact that since launching in 2021, over 2,000 Web3 teams have used the Request Finance app to pay over $300 million in crypto invoices, payroll, and expenses. 

I can’t think of a better indicator of the opportunities for freelancers in Web3.

Well-funded

‍The collapse in crypto market capitalization, may have some freelancers worried about the creditworthiness of their Web3 clients. Additionally, data from Crunchbase shows that Web3 VC funding dropped 82% year-to-year from $9.1 billion to $1.7 billion. In the fourth quarter of 2020, there was $1.1 billion worth of VC funding.

As asset values plummet, and new inflows of venture funding dry up - will freelancers still be able to find work in Web3?

But what is often neglected in such concerns is the fact that the venture funding over the past few years was often raised in stablecoins or cash. That means that while new money is flowing in at a slower rate, many of the larger Web3 projects are still sitting on healthy amounts of cash, or stablecoin reserves.

Even for those that hold larger portions of their treasury of blue chip cryptocurrencies like Bitcoin or Ethereum, the drop in value only means being able to be paid more of an asset that can experience a greater upside in the next market upswing.

We previously wrote an article exploring the question: “Has the bear market killed freelancing in Web3?”

In short, the slowdown in venture funding, and collapse in asset prices does not mean the end for Web3. In contrast, freelancers in Web3 can expect to work for higher quality projects that have remained well-capitalized, and can expect to be paid more blue chip cryptocurrencies for their services.

Concluding thoughts

Web3, with its remote-first approach, rapid growth, and robust funding, presents a revolutionizing shift in how freelance work is perceived and executed. 

Despite the economic hurdles and the potential threat of a global recession, the Web3 industry continues to flourish and offer substantial prospects to those bold enough to venture into it.

Freelancing in Web3 stands at the forefront of this transformation, providing freelancers with unparalleled opportunities to leverage their skills in a market ripe with potential.