Industry experts said that there is a dearth of knowledgeable people with required skill sets and the majority of the newly recruited talent learns on the job itself, which takes about a quarter.
“There is a massive migration of top talent from mega employers in Silicon Valley (Google, Amazon and Facebook) into the web3 ecosystem due to lucrative pay packages and exciting opportunities,” said Melbin Thomas, Co-founder, Sahicoin.
Web3 is not only opening up new avenues for the non-engineering talent, but also creating new roles in business, marketing, community development, financial asset management, and data analysis, he added.
With the shortage of talent, crypto companies are looking out for the talent which has core traditional skills including communication, data analysis, financial modelling, and regular coding.
“The sector is growing at an exponential rate. In the past year, crypto job postings globally went up by 400 per cent,” Thomas added with an expectation of increase in numbers in the coming years.
Market experts said that blockchain, crypto and web3 are facing a shortage of talent globally. Web3 is at the intersection of technology, finance, and economics and is getting highly paid across the globe, they argue.
Anuj Kapoor, Assistant Professor of Marketing, Indian Institute of Management Ahmedabad (IIM-A) said that blockchain is among the most desirable and fastest growing skilled jobs in this field, with an astounding rate of 2,000-3,000 per cent.
“Blockchain developers’ remuneration is 50-100 per cent higher than the conventional developers, ” he added. “The employment opportunities are not only in the private sector but with the public sector as well as educational institutions and think tanks.”
The roles available in this field vary from back end, including blockchain architects, cloud computing to front-end roles including blockchain product managers and UX designers, the experts say.
Market players said that those who gain the knowledge early and learn quickly would make the most of it. Web3 has no scarcity of the opportunities for the desired and skilled talent.
There is acute shortage of talented engineers in the web3 space, said Vishal Dharmawat, Co-founder of Rejolut Technology, a Mumbai-based blockchain based solution provider.
“This is a relatively new space; the learning curve is not very different for experienced people and freshers,” he said. “There are ample opportunities to learn and grow.”
Industry participants suggest that the best way to learn cryptos is either through personal learning, and through an online or online course, accompanied with an internship.
Such programs give both theoretical and practical knowledge to the students who want to dip their toes in the space. This may open the gateways to the global organisations as crypto or blockchain professionals.
One can either follow the traditional route – go for a formal university degree or go for an open online massive open online course (MOOC) to equity the right theoretical and practical skills, said Kapoor from IIM-A.