Our current and well-known version of the web is constantly evolving. Investors now seem interested in a rare money-making opportunity to change the internet with the use and application of cryptocurrency and blockchain in the Web3. Several big tech companies’ executives and engineers are quitting their jobs to work in startups.
What Is The Web3?
Web3 is the latest version of the Internet. Now, with Web 2.0, it is very easy to create content thanks to big tech platforms. But those tech companies dominate the web and have major control over it. Web3 should give more power to its users: since it is based on cryptocurrency and blockchain, people could buy tokens related to a platform. With Web3 it would also be possible to create some sort of partnership, allowing users more control over the platforms they use. Finally, while working on Web3 projects, users can also make digital money.
Former Amazon cloud computing unit VP Sandy Carter joined Unstoppable Domains – a blockchain-based domain provider – this month. While she announced this crucial change in her life, she also posted a link to the startup’s job offers. After that, she shared an interesting fact to The New York Times: “Within two days, she said, more than 350 people — many from the biggest internet companies — had clicked the link to apply for jobs at the firm, Unstoppable Domains.”. While Mrs. Carter is not the first one to dedicate herself to the web’s new version after working for big tech, the information is astonishing.
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A Throwback To The Past Or A Genuine Opportunity?
While this situation might remind us of 1999 when Microsoft’s employees quit and joined new startups, it is actually quite different compared to that year. In 2001, we experienced an important market crash, making the stock market collapse. Today, the system is more stable as we gained knowledge and control over it.
Web3 is not new, as Gavin Wood, co-founder of Ethereum, created the expression in 2014. Now, cryptocurrencies are gaining more value, with Bitcoin value growing rapidly in the last two years. While the problem of safety has to be considered, we are far from the 2001 situation, since users endlessly contribute to Web3 improvement.
An important number of tech executives took their chance at Web3, some of them even created their own start-ups. The Former head of Meta’s financial services division, David Marcus, is one of them. Although he chose not to share more information, his decision communicates his optimistic view on cryptocurrency. Undoubtfully, cryptocurrencies, and Web3 are becoming more and more present in our daily life.
A Desire For Renewal
Blockchain is an interesting way to earn digital money while participating in diverse worldwide projects. Those new schemes are allowing us to get more control over software and apps operations, make contracts, or monitor deliveries and exchanges. For example, TraceDonate, an application giving the possibility to trace donations to organizations. Multiple startups are proposing creative ideas to make our life easier.
When tweeting about his decision to quit Meta, Mr. Marcus explained he needed to follow his “entrepreneurial DNA.”. The entrepreneur wants to explore Web3 possibilities. After working on Meta’s cryptocurrency, his highly valuable experience will make him benefit from blockchain and cryptocurrency’s expansion.
Brian Roberts, Chief Financial Officer of Lyft, also decided to quit this month. He joined the NFT marketplace OpenSea. “I’ve seen enough cycles and paradigm shifts to be aware when something this big has just emerged,” he confessed to the New York Times. “We’re on day one in terms of NFT and their impact. “. Art’s distribution is being renewed with, as an example, the possibility of sharing royalties with artists. Streaming services being a part of our daily life, Mr. Roberts saw an opportunity here.
A month earlier, Jack Dorsey quit his chief executive position at Twitter. Only 3 days after the announcement, he changed his other company name from “Square” to “Block”. The financial service seems to grow with the market’s evolution. It has a market capitalization of over $77 Billion, more than double of Twitter.
Investors And Celebrities Joining In
Tech executives seem to think Web3 is unstoppable, comparing it to the birth of the Internet. While crypto startups are becoming the new stars of Silicon Valley, investors are also joining in. A16z, the venture capital firm that once invested in LinkedIn and Twitter, seized the opportunity. It invested over 450 million dollars in diverse Web3 projects, such as Sky Mavis. Recently, it has also invested $36 million in Mysten Labs, a blockchain and Web3 development startup launched by four former workers from Meta. A16z invested in Royal as well, a Web3 service proposing to invest in artists and share their royalties.
Web3 seems to be investors’ and technology fans’ dream come true. The new Internet even seduced artists such as Doja Cat, who entered the NFT Market with her OneOf collaboration on “Planet Doja”. Another artist, Katy Perry, also announced her first NFT collection, “The Roar Package”, available on THETA.
We can see Web3 being an important part of our future, and an effective way to make money, as startups are offering competitive salaries. Big tech is losing competitiveness while startups are gaining in power. As seen previously, the positive experience and mindset of tech executives and engineers can motivate even more people to quit their cozy jobs for more action.
NOTE: THE OPINIONS EXPRESSED HERE BY IMPAKTER.COM COLUMNISTS ARE THEIR OWN, NOT THOSE OF IMPAKTER.COM.