Web 3, blockchain & Crypto Jobs Roundup: Active Jobs, Salary Ranges and Hiring Landscape
The Web 3, Blockchain, and Crypto industry has been one of the fastest growing industries across the globe and an attractive career domain for tech talent in India. However, the bearish conditions and the downturn in crypto token prices have left people skeptical about job prospects in this industry.
Due to the adverse climate of the market that drives tech and innovation spending, there has been a drop in demand for Web3 and Crypto talent in 2022. However, all is not gloomy as ventures with a long-term maturity horizon continue to invest in specialist talent.
As global products and ventures in this space continue to build and invest in their long-term plans, they create demand for Indian specialist talent in Web3, Crypto, and Blockchain domains. However, in India, the majority of talent with these skills is engaged in service-based roles in comparison to those hired by domestic ventures.
How does the active jobs, salary ranges, and the overall hiring landscape look for Indian talent in Blockchain, Web3 and Crypto?
Here’s what we found from our research:
A little over 12,500 active job openings are currently available in the web3, blockchain, crypto, and crypto-linked domains in India. Web3, Blockchain & Crypto jobs have seen a 27% drop in active counts over the last 3 months. After an interim rise in talent demand and hiring action, Web3 & Crypto jobs have rolled back to nearly the same levels as seen in October 2021.
IT Services & Business Process Management sector are currently the largest consumer of Blockchain & Crypto talent. 64% of current openings emerge from this sector providing consulting, design, development, and support services for overseas Web 3, Blockchain & Crypto services, ventures, and products. The sector will continue to lead the crypto jobs landscape from a sheer volume of consumption point of view.
The Indian startups in the Blockchain & Crypto space have further slowed down hiring action for the Web3 and Crypto skillsets. The startups in this space account for under 2% of all active crypto openings in India amidst a sustained funding winter.
Web3 and Crypto roles in demand
Despite the global slowdown, people with niche skills are a hot commodity in the job market. Blockchain Specialists (SME developer, Architect), RippleX Developers, Engineers, and Administrators are much needed to support the development of the growing ecosystem. Front-end developers skilled in React JS, Vue JS, TypeScript, and Angular technologies and Back-end developers proficient in NodeJS, Python, and Golang are highly in demand.
Most sought-after technical skills in the Web 3 and Crypto space in 2022 include Machine Learning Specialist (SME Engineer, Senior Engineer, Lead, Architect), Security Engineer (Information, Network), Data Analysis, UI/UX Designers and Web Developers, Content Writers, and Financial Analysts.
Bangalore, Pune, Hyderabad, Chennai and Delhi remain the Hotspots for Crypto jobs, with all locations registering a drop compared to July 2022. On a YoY basis, Mumbai, Gurgaon, and Noida have registered a notable drop in volume since Oct 2021. On the other hand, locations like Delhi, Bangalore, Pune, Hyderabad and Chennai have registered notable growth in volume.
The top 5 locations collectively account for nearly 72% of active crypto and blockchain openings. There are over 300 active full-time Remote openings currently available in this space.
Average salary packages for the niche and specialist skills have remained in line with the previous quarter, amidst reduced hiring action and lowered war for talent. Average salary levels had earlier grown between 8% to 35% on some of the top skills in 2021 and early 2022. While a drop in packages is not visible, a stagnation in packages is evident over the last 2 quarters.
Blockchain, Web3 and Crypto skills demand has simmered with reduced active job openings and salary hikes. Though global ventures continue to expand and invest in top talent, the drop in action has moderated expectations and offers being made by these enterprises. The desperation to hire with multipliers of CTCs has faded and is seen moderating in a healthy range. Salary ranges of top skills in Web3 and Crypto have been stagnant for nearly 2 quarters. Therefore, the heydays for talent with unprecedented hikes and wage wars are now in the rearview mirror as top talent is now chased by lesser active openings.