Top talent is migrating to Web 3

IIt’s rare that you hear tech companies described as dinosaurs, but they are indeed just that and must evolve or risk being relegated to a bygone era.

The biggest tech giants, including Amazon, Google and Meta Platforms, have become too accustomed to outdated business models in ad monetization, an industry that is growing at 15.7% annually.

Ad tech is still an attractive opportunity, but blockchain has much higher growth potential.

Dusan Kovacic is the Chief Investment Officer of Rockaway Blockchain Fund, a VC that invests in digital assets and infrastructure.

The pull metrics in Web 3 are growing through the roof. For example, daily active addresses on Ethereum have grown from 200,000 in January 2020 to 550,000 today, growing by around 65% per year.

Ethereum revenue has grown from $200,000 per week in January 2020 to $31 million per week today. And the rise of new layer 1 protocols shows even more impressive growth. Solana’s daily active addresses have grown from zero in January 2020 to 550,000 now, the same level as Ethereum.

Continuing to master the 20-year-old online advertising business model is no longer attractive enough for top talent. These people – some of the smartest and most educated among us – are looking for new opportunities that Web 3 happily provides.

This trend may have started with the “creator economy” as more independent-minded people seek their own opportunities and seeped into the “ownership economy” of Web 3.

Read more: NFT, DAO and the New Creator Economy

We are seeing a massive influx of technologists. Electric Capital’s developer report on public GitHub repositories associated with blockchain projects shows 100% growth since last year.

It’s not just the developers, but also the executive talents. Meta Wallet Project’s former chief marketing officer (CMO), Novi, has taken a CMO position at Circle; the former general manager of Amazon’s AWS Edge Services is now Chief Technology Officer of Gemini, and The former Lyft chief financial officer and Former Uber CEO of business development have both joined OpenSea.

Then there’s Chris Lehane, a former Airbnb executive, who left for a crypto venture capital fundwhile YouTube’s former head of games has joined Polygon Studioswhich is aimed at web developers 3. The list is getting longer and longer.

Add to that the immense funding that blockchain startups received in 2021 – $33 billion, or 8.1 times the amount from the previous year.

Read more: How to make blockchain a new type of economic engine

The demand for tech talent in Web 3 is massive. In the UK, job postings mentioning blockchain are at an all-time high, and according to LinkedIn, job postings in the industry have grown by 400% since 2020.

And at Rockaway Blockchain Fund, we see firsthand the value of this technology. Each of our portfolio companies is hiring. At the Hacker House in Prague, which we co-hosted with Solana, there were over 30 teams present on the demo day, and 800 developers present from across Europe, either building or researching to expand their teams.

We expect similar attendance at the upcoming Gateway Conference and Hackathon in Prague for the Cosmos ecosystem. This is a massive growth since our pre-COVID hackathon with Binance & Oasis Labs, in which around 30 developers participated.

This data shows industry traction and reinforces our belief as long-term, value-added investors in Web 3. Combining the incentive alignment of the Web 3 ownership economy with top technology talent and a massive funding is exactly what a venture capitalist looks for.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.