As inflation keeps rising, many technology companies are being forced to lay off employees. To put this in context, according to data from Layoffs.fyi, over 700 tech startups have encountered job cuts this year, affecting at least 93,519 employees globally. It has also been reported that tech behemoths such as Google, Netflix, and Apple are undergoing massive layoffs.
While a majority of these layoffs are most likely the consequence of an economic recession, this has contributed to an influx of talent to early-stage Web3 firms. For example, serial entrepreneur Andrew Masanto recently introduced Nillion, a startup specializing in decentralized computation, to help guarantee security and privacy for Web3 platforms.
Despite the fact that the firm is still in its initial stages, the company's technological advancement has already been established to be enticing. Pioneering talent from companies such as Nike, Indiegogo, and Coinbase has joined the rapidly expanding startup since its founding in October of this year.
For example, Slava Rubin, founder of the crowdfunding website Indiegogo, told Cointelegraph that he recently entered Nillion as the company's chief business officer because he wanted to work for a startup with an innovative approach to business.
Lindsay Danas Cohen was also drawn to Nillion by the idea of developing technology to advance MPC. Cohen previously worked as an associate general counsel at Coinbase before becoming general counsel at the firm this year.
Despite the fact that Coinbase announced in June that it was laying off 18% of its employees, Cohen made clear in a recent blog post that she left Coinbase to join Nillion because of the opportunity to advance privacy and data sharing through MPC. "This would truly be a one-to-one innovation," she wrote.
Indeed, well-funded businesses continue to hire employees despite layoffs and hiring freezes at large tech firms. The popular metaverse platform currently has 103 job openings, according to Sebastien Borget, co-founder and chief operating officer of The Sandbox.
Borget reports that The Sandbox has managed to grow to 404 employees this year, nearly doubling its 208-employee workforce from December 2021. Borget also stated that The Sandbox's virtual real estate, dubbed "LANDs," is now worth more than $1 billion in total market capitalization.
Furthermore, as Web3 firms continue to recruit both new and acquired talent, young job hunters appear to be more eager to learn the skills required to join these firms.
Priyanka Mathikshara Mathialagan, president of the Stanford Blockchain Club, told Cointelegraph that she has noticed an increase in the number of undergraduates at Stanford taking blockchain-focused training to prepare for career paths after graduation.
Amidst the bear market, Mathialagan appears to believe that significant progress has been made in the Web3 space, resulting in a more optimistic outlook for the sector. She mentioned, for example, that the Ethereum Merge on September 15 has helped maintain a more energy-efficient platform, constructing appeal for students who may want to utilize the Ethereum network for Web3 initiatives.
Mathialagan incorporated that, while theoretical research in areas like computer science has been conducted for many years, Ph.D. students are beginning to consider it because of new possibilities for advancement.
This appears to be the case, as Masanto revealed that Nillion had hired ten engineers in the last six months. Borget went on to say that The Sandbox is reportedly hiring 17 engineers, as well as game designers, architects, and other people who can help brands construct in the company's metaverse.
While it is encouraging that Web3 firms are actively hiring, a number of questions remain. For example, while businesses remain focused on constructing during a downturn, fundraising may be difficult.
Given this, it's worth noting that Nillion is still being built from scratch by its founding team. Delphi Digital, a crypto-focused research firm, also confirmed to Cointelegraph that, while the firm is currently hiring from across the board, no finances have been brought up.
Furthermore, Mathialagan believes that it is difficult for students and individuals in the Web2 sector to connect with Web3 companies. For example, while companies like Nillion have hired people from Coinbase, Indiegogo, and Nike, Masanto revealed that he already knew a few of these people prior to hiring.
Walker also mentioned that, due to the bear market, recruiters must pay extra attention to detail when training new team members. Although strategic, Mathialagan stated that the Stanford Blockchain Club is creating a list of job postings to assist students in better connecting with firms as even more hiring occurs.
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