H1 2024: Analysis of Global Web3 Job postings

1. Introduction

A company's job postings are a measure of 1) a company’s strategy execution, and 2) the demand in a particular industry, which can be used to predict how active the market will be in the future. In this report, we analyze global Web3 job posting trends to provide an overall insight into the Web3 market. This part of the report focuses on the status of Web3 job postings in H1 2024. The primary data source for this report is publicly available data from Web3Jobs, a site that provides job listings in the Web3 space.

2. H1 2024 Global Web3 job postings trends

2.1. Changes in Job Postings Since the Bitcoin ETF Approval

Job postings in the global Web3 market started to increase significantly after the US SEC approved the Bitcoin spot ETF in January 2024. As expectations for a market recovery have risen, job posting activity has become relatively brisk. In the first half of 2024, the number of job postings increased by about 20% compared to last year, reflecting a significant rise in overall industry expectations compared to the previous year.

However, current job posting levels are still lower than during the 2021/2022 boom. This is likely due to several factors. First, the Bitcoin ETF approval has had a bigger impact on the crypto trading and investment sector than on the broader Web3 ecosystem. The increase in job postings is primarily driven by crypto ETF managers and exchanges rather than Web3 projects.

For example, job postings by crypto ETF management company such as Grayscale, quadrupled to 28 in the first half of 2024, compared to 7 in the previous half-year. While crypto exchanges have seen some increase in job postings, the change is not significant as these entities have maintained constant demand due to their stable revenue models.

Secondly, the recent market upswing has been driven by speculation rather than technological innovation. The current market leans toward speculative trading such as meme coins, rather than new technological trends. As noted in our last report, several meme coin projects with market capitalizations exceeding $1 billion have emerged, capturing significant market attention. This trend indicates the lack of innovative developments that are driving the industry. Given this short-term, speculative trading culture, actual adoption demand in the Web3 industry has been relatively limited.

2.2. June Marks a Return to the Downward Trend in Job Postings

Starting in June 2024, we observe a sharp decline in the number of job postings in the Web3 industry. This can be interpreted in two ways.

First, the market environment may have deteriorated. The decline in cryptocurrency prices, due to the pressure from Mt. Gox and the German government to sell Bitcoin, coupled with the subsequent drop in trading volumes, may have dampened market sentiment.

Second, it could also be a seasonal factor. Many companies tend to temporarily pause their hiring activities as they enter the summer vacation season starting in June.

Therefore, the decline in job postings could be a combination of both industry-wide downturn and seasonal factors. We will need to closely monitor future job posting trends to analyze this more accurately.

3. H1 2024 Web3 Job Postings by Continent (Monthly Cumulative)

Analyzing job posting trends by region in the Web3 industry for the first half of 2024, the ranking of job posting activity is as follows: 1) Remote work, 2) North America, 3) Asia, 4) Europe, and 5) Middle East. Notably, remote job postings are beginning to outpace those in North America. This shift indicates that remote work is rapidly becoming more common in the Web3 industry, reflecting its geographically agnostic nature and suggesting that working arrangements are becoming increasingly flexible.

Another significant change is the widening gap in job postings between the Asian and European markets. Asia began to outpace Europe in the first half of 2023, and the gap has continued to widen in the first half of 2024. As of H1 2024, Asia accounts for about 20% of all job postings, while Europe accounts for about 15%. This trend clearly demonstrates that interest and activity in the Web3 industry are gradually shifting towards Asia.

4. H1 2024 Asia Web3 Job Posting Trends by Sector

As of the first half of 2024, Web3 job postings in the Asian market are most active in 1) Singapore, 2) India, and 3) Hong Kong.

Singapore remains the leader with the highest number of hires, showing an increase of about 23% compared to H2 2023. This growth is due to Singapore's clear regulatory framework and business-friendly environment for cryptocurrencies, making it an attractive market.

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