In our previous article, we tackled how to get a Web 3 job. The industry brings a lot of opportunities – from higher earnings potential to flexible working arrangements. However, challenges come with these perks. This lifestyle is not for everyone.
In this writeup we’ll discuss 5 things you should consider before pursuing a Web 3 career.
Do You Like Web 3?
Before you get blinded by the big money of a Web 3 career, take a pause.
Do you enjoy and believe in the future of Web 3? It’s better to jump in with a strong interest. This will help you overcome challenges that are bound to come out in your journey.
Many people think Web 3 is a big hype and one big scam. You will encounter such opinions as your work in the industry. If your passion for Web 3 is big enough, you’ll be able to look past these.
Furthermore, the Web 3 space moves at such a rapid pace. Over the past 3 years we’ve witnessed new blockchain technologies emerge.
- Non-Fungible Tokens
- Layer 2
- Decentralized Finance
- GameFi
- Decentralized Autonomous Organizations
You will have to learn these terms at some point in the future.
Your hunger for learning will be fueled by your interest in Web 3.
High Risk, High Reward
Web 3 companies are usually startups. These are defined as young and upcoming organizations that are built to launch a specific product or service.
Do you remember watching the Netflix drama Start-up? That’s a glamorous way of painting startup life.
Web 3 careers offer opportunities for early employees to earn above market wages and to advance their profession. With less people at the start, it is easier to climb into a leadership or executive role.
However, this reward comes with great risks. 90% of startups eventually fail. The reasons vary from lack of funding to poor management decisions. With such a high failure rate, young employees often fill the ranks of Web 3 companies.
The younger you are, the more risk you can take. No kids, no mortgages, and a longer runway.
Before applying to a Web 3 career, consider your situation in life and if you can manage the risks involved.
Work-life Balance in Web 3 Careers
Work-life balance or the lack of, is a common theme among Web3 career professionals.
As in the case of tech startups, Web 3 companies constantly push to meet targets and product launches. While this often happens in advertising or consulting, Web 3 has it worse as companies are racing to meet funding timelines.
If you don’t deliver, investors walk out the door, and the company closes.
To ensure survival, Web 3 employees often find themselves wearing multiple hats. Meaning, you could be working two or more roles. To perform at this level, you’ll have to put in the hours.
In addition, Web 3 careers have gone global. You may be asked to work in different timezones.
Similar to the local outsourcing industry, you might need to keep odd hours to engage with your team. Some people find these flexible working hours appealing, for others they prefer a regular 9 to 5.
Lack of Structure
As we explained earlier, Web3 careers bring promise in terms of pay and position advancement. Just as easy though, you could find yourself floating around different roles and line managers.
Lack of structure appears in several areas: compensation, organizational hierarchy, target market, even business model. Things can get messy!
You may be wondering why this is so.
When a company is young and has 10 to 20 employees, structure matters less. Do you really need an org chart when it’s just the co-founders and other employees?
While it may be important to you, in the beginning the organization focuses on bringing in talent and delivering results. Now, as the company scales to 50 and 100 employees, structure becomes invaluable.
People start looking for direction. They begin wondering why so many strange job titles exist yet have no correlation to compensation.
The problem is, the company is still figuring things out, and the ideal structure will undergo several iterations.
Some employees thrive in this chaos, others don’t fare so well. Startup employee attrition rates are 2x the average!
Web 3 Career Culture
Similar to tech companies, Web 3 organizations tend to carry the “bro culture.”
Web 3 is a male dominant industry. It’s young, aggressive, and can be full of parties. While this can appeal to a younger male, it could be a turnoff for more senior workers and female professionals.
That’s not to say all Web3 jobs turn out this way.
Other Web 3 organizations are more mature. Older companies such as Coinbase or Kraken have been in existence for close to a decade and have established a professional culture.
Ultimately, Web 3 culture is derived from senior leadership. With a flat organizational hierarchy, it is easier for employees to reach out to executives. Make sure to check out the leadership team during your Web 3 job application process.
To end…
This is by no means an exhaustive list. At the end of the day, you will have to do some self-reflection about yourself and your situation in life.
Before jumping down the rabbit hole of Web 3, do your own research to determine if Web3 careers are right for you.
To help you with your search for a Web 3 career, check out our guides here.
