With all the hype surrounding AI right now, it’s easy to forget the previous hypewave that swelled around Web3, NFTs, and blockchain. While AI is shrouded in concerns as far reaching as job loss and thermonuclear war, the concept of AI is very clear. This is not the case with Web3.
We’ll get into the definitions below but Web3 can be functionally understood as the combination of these four qualities:
Decentralization: Web3 applications are decentralized, which means that they are not controlled by any single entity. This makes them more resistant to censorship and attack.
Security: Web3 applications are often more secure than traditional web applications. This is because they are built on blockchain technology, which is very secure and difficult to hack.
Privacy: Web3 applications should give users more control over their privacy. For example, Brave Browser blocks ads and trackers, and MetaMask gives users complete control over their private keys. This is distinctly different from Web2.0 platforms like Facebook where the capture of user data has turned us users into the product itself.
Transparency: Web3 applications are more transparent than traditional web applications because they are built on open source code, which means that anyone can audit the code and see how it works.
Enterprise Web3 Examples
McKinsey has done an exceptional job of breaking down Web3 for the uninitiated, and highlighting these four real world examples:
- In November 2022, JPMorgan Chase made its first cross-border blockchain transaction, involving tokenized Singaporean dollar and Japanese yen deposits. The trade was part of Project Guardian, a partnership between JPMorgan Chase and DBS Bank.
- Securitize, a digital-asset securities firm, partnered with global investment firm KKR to launch a tokenized fund issued on the Avalanche blockchain. Tokenization opens up private equity to more individual investors by digitizing operations and lowering investment minimums.
- 100 Thieves, an esports and lifestyle brand, offered an NFT of a diamond necklace to fans if they created a digital wallet on the platform within 75 hours. More than 300,000 people redeemed the NFT.
- After acquiring the Web3 studio RTFKT in 2021, Nike launched its own Web3 platform in 2022 called .Swoosh and has since offered blockchain-based NFTs to customers. The .Swoosh platform is meant to serve as a hub for new product launches, as well as a space for customers to share virtual apparel designs.
Web3 Developer Jobs & Teams
So, what does it take to launch a Web3 initiative like the examples above? What skillsets are required and what key roles should be brought in house?
Blockchain Developer – Blockchain developers build and maintain the infrastructure that powers Web3 applications. They have a deep understanding of blockchain technology and are proficient in programming languages such as Solidity, Rust, and Go.
Smart Contract Developer – Smart contract developers write and deploy smart contracts, which are self-executing contracts that are stored on the blockchain. Smart contracts are used to automate tasks and transactions in a secure and transparent way.
Decentralized Application (dApp) Developer – dApp developers build applications that run on the blockchain. dApps are not controlled by any single entity and can be used for a variety of purposes, such as decentralized finance (DeFi), non-fungible tokens (NFTs), and gaming.
Frontend Developer – Frontend developers build the user interfaces of Web3 applications. They are proficient in HTML, CSS, and JavaScript, and they have a good understanding of user experience (UX) and user interface (UI) design.
Backend Developer – Backend developers build the server-side components of Web3 applications. They are proficient in programming languages such as Python, Java, and C++, and they have a good understanding of database systems and cloud computing.
Full-Stack Developer – Full-stack developers can build both the frontend and backend components of Web3 applications. They are proficient in a variety of programming languages and technologies, and they have a good understanding of the entire software development process.
In addition to these technical roles, there are also a number of non-technical roles that are essential for the development and success of Web3 applications. These roles include:
Product Manager – Product managers are responsible for defining and developing the product strategy for Web3 applications. They work with engineers, designers, and other stakeholders to ensure that the product meets the needs of the target users.
Project Manager – Project managers are responsible for planning, executing, and delivering Web3 projects on time and on budget. They work with engineers, designers, and other stakeholders to align on priorities, and to keep the project on track and resolve any issues that arise.
Designer – Designers create the user interfaces and user experiences of Web3 applications. They work with engineers and product managers to ensure that the applications are user-friendly and visually appealing.
Community Manager – Community managers are responsible for building and engaging the communities around Web3 applications. They work with social media, content marketing, and other channels to reach and connect with potential users.
Growth Hacker – Growth hackers are responsible for developing and implementing strategies to acquire and retain users for Web3 applications. They work with product managers, marketing managers, and other stakeholders to identify and implement the most effective growth strategies.
Web3 is a rapidly growing ecosystem, and there is high demand for skilled professionals in all of these roles. Core tool downloads for Ethereum, a smart-contract blockchain, increased by 87 percent in 2022. On-chain stablecoin payment volume grew more than 50 percent last year.
Add a team of designers, animators and some Unreal Engine specialists to the lists above and you’ve got a good headstart into the metaverse. The number of active users of Web3 gaming increased 60 percent in FY22.
