It’s been a good time for big tech companies to hire the best people. Because they want them to work on the next big thing in tech, called Web 3.0, or Web3.
A lot of high-ranking people at big tech companies such as Google, Facebook, and Amazon are leaving their jobs to work in the exciting new field of crypto.
Ryan Wyatt left YouTube a few weeks ago to lead a new gaming company from Polygon. Wyatt joined the Google-owned video site back in 2014. This was lead to a push into video games content and fight more hard against Amazon’s Twitch platform.
Web3 is getting a lot of attention because of all the people who are excited about it. There is a movement called Web3. It wants to change the internet in a way that would make popular online services use technologies like blockchain that aren’t controlled by anyone.
Sherice Torres is the former chief marketing officer of Facebook’s crypto and payments unit, Novi. It is also on the list of Silicon Valley people who are going to work in crypto. In January, Circle hired her. This is how it works: Amazon cloud employee Pravjit Tiwana, who used to work there, left to work for crypto exchange Gemini as its chief technology officer.
When David Marcus, who used to be the head of Novi, decided to leave at the end of last year. Web3 has been a big hit with Marcus on Twitter even though he hasn’t said what his next move will be yet, but he has been praising it.
There are a lot of tech executives who are interested in the growing industry because of how quickly it’s growing, experts say
High Profit Job Move
Another thing that’s attracting people from Big Tech to Web3 is money. Bitcoin exchange Coinbase pays software engineers as much as $900,000 a year, according to data from Blind, a social network for people who work in the tech field.
Cryptocurrency companies are getting more money from investors, which means they have more money to pay big salaries to new employees. CB Insight says that blockchain start-ups raised a record $25 billion in venture capital last year, which is a lot.
Start-ups in the tech field also often let their employees own a piece of the company through stock option schemes. With the value of private crypto companies going up, early employees could get a lot of money if their company is taken over or goes public. That’s not all. The trend isn’t just for the United States.
Hays, a recruitment firm, says it’s seeing crypto companies try to hire people from companies like Facebook, Amazon, and Apple in the UK and Ireland, too, and that’s not the only place.
Doubters of Web3
Web3 is still a term that isn’t very clear. It mostly refers to projects that try to make the internet less centralized by using crypto networks like the blockchain.
In theory, platforms could reward users for their posts with blockchain-based tokens, which would turn the advertising-based model of services like Facebook and YouTube on its side.
Many big names in Silicon Valley haven’t liked Web 3. Twitter co-founder Jack Dorsey thinks it’s too centralized and controlled by a few venture capitalists. Tesla CEO Elon Musk thinks it’s more of a marketing buzzword than a real thing, though.
When Wyatt started working at YouTube, people were a little afraid of watching other people play video games. Even if they were already big fans of the games. The second-biggest thing on YouTube now is gaming, says Wyatt.
Because he thinks that some of the people who don’t like crypto and Web3 will start to like things like big video games and social apps when they start to come out. It’s not going to be easy, but don’t expect the tech companies to take it easy.
After developing its Novi crypto wallet, Meta thinks about making new tools for non-fungible tokens, or NFTs, which aren’t like other coins.
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