A newfound global interest in self-sovereignty is fueling the charge towards what experts are calling Web3. Self-sovereignty can be defined as the ability for an individual or business to have sole ownership over the control of their accounts and personal data. Web3, or Web 3.0 is the culmination of the growth starting at Web 1.0, where there was read-only information, slowly transforming to a digital hierarchy of data regulated by big businesses, then finally reaching its current form of a decentralized online space that is owned by everyone.
Web3 developers are rapidly solving problems that arose in Web2, as nearly a record 35,000 developers committed code in 2021. Because of these efforts, more people than ever are engaging with these new technologies, as crypto and other digital markets have begun to skyrocket. The craziest part? It’s only continuing to grow, as the total crypto market cap is currently worth $873.07 billion and the global metaverse is predicted to be worth $13 trillion in the next 10 years.
Web3 also has strong ties to the future of work, as digital roles are in their highest demand yet. Studies show that independent work generates more revenue than wage and salary workers, as the independent worker’s average nearly doubled the salary workers’ in 2021, and 2 in 3 people considered quitting their jobs in 2021 because of greater opportunities. Web3 also can affect employment, as the reliance on the 9-5 job is decreasing rapidly, and technology is opening doors to millions of new jobs.
Many global leaders look favorably on the future of Web3 work, and there are many emerging services that aim to help the average worker navigate this new form of employment. Web3 is here, and now is the time to take advantage of the benefits it offers to workers around the globe.