Web3 Job Market Mid-Year Report: Job Listings Surge After ETF Approval, Asia Rises and Remote Work Becomes Mainstream
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Web3 Job Market Mid-Year Report: Job Listings Surge After ETF Approval, Asia Rises and Remote Work Becomes Mainstream
Singapore, India, and Hong Kong were particularly active in recruitment activities.
Navigating Web3 tides with focused insightsTranslation: TechFlow
Key Takeaways
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Surge in Web3 job postings after Bitcoin ETF approval: Following the U.S. Securities and Exchange Commission (SEC)'s January 2024 approval of Bitcoin spot ETFs, global Web3 job openings surged significantly, rising approximately 20% year-on-year during the first half of 2024.
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Growing hiring activity in Asia: Job postings in Asia have increased, further narrowing the gap with Europe. Singapore, India, and Hong Kong emerged as particularly active hubs for recruitment.
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Major networks expanding presence in Asia: Although Asian-based mainnet projects have seen a decline in hiring since 2023, an increasing number of global mainnets are expanding their recruitment efforts in the region, highlighting Asia’s growing importance in the Web3 landscape.
1. Introduction
Job postings reflect two key aspects: 1) execution of corporate strategy and 2) industry-specific demand, serving as indicators to predict future market activity. In this report, we analyze trends in global Web3 job postings to provide insights into the overall state of the Web3 market. This section focuses on the status of Web3 job openings during the first half of 2024. Data is primarily sourced from Web3Jobs, a platform listing Web3-related positions.
2. Global Web3 Job Posting Trends in H1 2024
Global Web3 job postings in H1 2024. Source: Web3Jobs, Tiger Research
2.1 Changes in Job Postings Since Bitcoin ETF Approval
Following the U.S. Securities and Exchange Commission (SEC)’s January 2024 approval of Bitcoin spot ETFs, global Web3 job postings began to rise significantly. As expectations for market recovery grew, hiring activity became relatively more active. During the first half of 2024, job postings increased by approximately 20% year-on-year, reflecting markedly improved industry sentiment compared to the previous year.
However, current job posting levels remain below the peaks observed in 2021 and 2022. This is due to multiple factors including market conditions and technological innovation. First, the impact of Bitcoin ETF approval has been greater on crypto trading and investment sectors than on the broader Web3 ecosystem. The increase in job postings has primarily come from crypto ETF management firms and exchanges, rather than Web3-native projects.
For example, Grayscale, a crypto ETF manager, saw its job postings increase to 28 in the first half of 2024, up fourfold from just 7 in the same period the previous year. While crypto exchanges also saw some increase in hiring, the change was modest, as these companies maintained stable staffing needs.
Second, the recent market rebound has been driven more by speculation than by technological innovation. Current market interest leans toward speculative trading such as meme coins rather than emerging technical trends. As noted in our previous report, several meme coin projects with market capitalizations exceeding $1 billion have emerged, capturing market attention. This trend indicates a lack of innovative progress driving long-term industry development. Given this short-term speculative culture, real-world adoption demand within the Web3 sector remains relatively limited.
2.2 June Marks a Return to Declining Hiring Trends
Starting in June 2024, we observed a sharp decline in Web3 job postings. This can be interpreted from two perspectives.
First, market conditions may have deteriorated. Pressure from Mt. Gox and the German government selling Bitcoin contributed to falling cryptocurrency prices, along with reduced trading volumes, potentially dampening market sentiment.
Second, seasonal factors may also play a role. Many companies typically pause hiring activities temporarily during the summer vacation season in June.
Therefore, the decline in job postings may result from a combination of broader industry slowdown and seasonal effects. We need to closely monitor future hiring trends to better understand this dynamic.
3. Web3 Job Postings by Continent (Cumulative Monthly) in H1 2024
Cumulative Web3 job postings by continent in H1 2024. Source: Web3Jobs, Tiger Research
Analyzing regional Web3 hiring trends in the first half of 2024, the ranking of job postings is as follows: 1) Remote, 2) North America, 3) Asia, 4) Europe, 5) Middle East. Notably, remote job postings have started to surpass those in North America. This shift indicates the rapid adoption of remote work in the Web3 industry, reflecting its borderless nature and increasingly flexible work arrangements.
Another significant trend is the widening gap between Asia and Europe in terms of job postings. Since the first half of 2023, Asia has surpassed Europe, and this lead continued to grow in H1 2024. By mid-2024, Asia accounted for approximately 20% of total job postings, compared to Europe’s 15%. This clearly signals a shift in focus and activity within the Web3 industry toward Asia.
4. Web3 Job Postings in Asia by Country (H1 2024)
Asian Web3 job postings by country in H1 2024. Source: Web3Jobs, Tiger Research
As of the first half of 2024, the most active regions for Web3 job postings in Asia were: 1) Singapore, 2) India, 3) Hong Kong.
Singapore remained the top region for hiring, growing by approximately 23% compared to the second half of 2023. This growth is attributed to Singapore’s clear regulatory framework and crypto-friendly business environment, making it an attractive hub for Web3 companies.
Hong Kong opened its Web3 market in June 2023, initially seeing an increase in hiring as more Web3 firms entered the region. Many companies prepared to operate in Hong Kong by applying for crypto licenses. However, the situation reversed when the Securities and Futures Commission (SFC) imposed restrictions on mainland China services for license applicants. In response, global exchanges such as Binance, OKX, and HTX withdrew their license applications, leading to a drop in overall hiring. Consequently, Hong Kong’s job postings declined by nearly 40% compared to the previous half, falling behind India to third place.
5. Web3 Job Postings in Asia by Sector (H1 2024)
In the first half of 2024, job postings at cryptocurrency exchanges in Asia increased by approximately 45.6% compared to the second half of 2023. This growth likely stems from rising Bitcoin prices and a significant increase in crypto trading volume, which boosted industry profitability.
In 2023, most major crypto exchanges followed similar hiring patterns, led by 1) OKX and 2) Binance. Binance previously had more active hiring, but this shifted after the U.S. Attorney’s Office filed charges against the exchange in June 2023. Additionally, Binance’s unsuccessful attempts to obtain licenses in jurisdictions like Abu Dhabi and the Netherlands may have contributed to a slight decline in its global hiring activity.
Interestingly, while OKX maintained a hiring level similar to the previous half, Coinbase saw a dramatic increase—from 39 openings in the second half of 2023 to 209 in the first half of 2024. This surge is likely linked to the SEC’s approval of Bitcoin ETFs. According to a prior report by Kaiko, the ETF approval led to increased trading volume and liquidity on regulated U.S. exchanges. Coinbase appears to have benefited significantly, resulting in a substantial rise in job postings.
6. Mainnet Job Posting Trends in Asia (H1 2024)
Asian Web3 job postings by mainnet in H1 2024. Source: Web3Jobs, Tiger Research
During the first half of 2024, mainnet-related job postings in Asia slightly declined compared to the second half of 2023. However, notably, more mainnets increased their hiring activities in Asia compared to the previous year. For instance, Scroll.io posted 14 out of its 20 job openings in the region during H1 2024.
The Australia-based Web3 gaming mainnet Immutable had the highest absolute number of hires in Asia. Other major non-Asian mainnets such as Ripple, Aptos, and Avalanche also continued to show hiring demand in the region. Although the absolute numbers remain modest, it is evident that mainnet participants recognize the commercial opportunities and potential in the Asian market.
7. Other Notable Hiring Trends
Source: Story Protocol
Several notable hiring trends emerged in the first half of 2024. Story Protocol announced plans to launch a Layer 1 blockchain for intellectual property tokenization, attracting significant attention. They began aggressive hiring early in the year, posting 16 roles in total.
Although headquartered in the U.S., recent reports indicate that Story Protocol is also recruiting for a Korea Business Lead position, signaling its intention to expand into the Korean market.
Source: Mocaverse
Animoca Brands also ramped up hiring aggressively. After hiring only four people in the second half of 2023, they increased to nearly 40 hires in the first half of 2024. Animoca is recruiting across multiple projects, including the NFT initiative Mocaverse and the Web3 chess game Anichess, while also actively expanding its investment team.
8. Conclusion
In the first half of 2024, Web3 job postings increased compared to the same period last year, yet still remain below the hiring levels seen in 2021 and 2022. As the industry evolves and markets grow, an increase in job postings is a natural progression. However, despite significant growth in the Web3 sector, hiring activity has not met broader industry expectations.
This gap is partly due to the Web3 industry’s inclination toward short-term consumption trends—such as meme coin trading and airdrop farming—rather than building a sustainable ecosystem. To achieve lasting growth, the industry must undergo a fundamental shift in discourse and witness the emergence of new technological trends. If such changes do not materialize in the second half of 2024, the risk of stalled industry growth will rise significantly.
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