Blockchain is rapidly permeating all areas of the global economy as a next-gen information infrastructure with a wider and deeper impact.
As nations push for its development, it reshapes the global economy and competitive environment.
Against this backdrop, new changes, opportunities, and challenges will arise from industry shake-ups, talent flow, organizational changes, and corporate ecosystems.
Trends and Use Cases in the Evolution of Blockchain
In 2021, the blockchain sector was valued at USD 4,8 billion and is anticipated to reach USD 69 billion by 2026, expanding at a CAGR of 68%.
The total publicly disclosed financing for blockchain protocols in their nascent stages was USD 30.1 Bn. In the first quarter of 2022, USD 91 billion was raised.
Metaverse is gaining momentum
Roblox became the first NYSE-based metaverse. Nvidia, Apple, Tencent, Google, Facebook, and Microsoft have launched metaverse-related hardware and software. Even VCs have jumped into the fold and have invested in metaverse projects.
NFTs and blockchain gaming are advancing GameFi
NFTs increased in usage by 11,000% in 2021. It finds adoption in film, music, social, gaming, and finance. It finds integration in automotive, FMCG, entertainment, creative, luxury goods, and food and drink.
The cumulative transaction value of NFT in 2021 was USD 21.5 Bn, an increase of over 20,000% year-on-year.
GameFi relies on play-to-earn and is used in turn-based, sandbox, card, and RPG games, as its core application model. The Sandbox, a metaverse land project, partnered with over 60 companies, including HSBC, JPMorgan, and Gucci.
Through 2021, total transaction volume surpassed USD 44.7 Bn. Traditional gaming giants such as Ubisoft and WeMade deploy GameFi solutions and integrate traditional gaming IPs with blockchain and cryptocurrency elements.
Web 3.0 appears more ambitious than the metaverse
Web 3.0 offers imaginative features and concepts that could transform the relationship between humans and production, unlock enormous production capacity, and provide a broader platform for global entrepreneurs.
Web 3.0 will transform the internet economy and business paradigms via personal asset identification, value transfer, and mutual value redistribution.
The technology provides high-end security, transparency, and immutability. It is used in banking, cross-border transactions, money lending, insurance, stock trading, record keeping, public registry, logistics, personal data security, transportation, and healthcare.
The metaverse and web 3.0 are the two main trends in the current market.
State of the Global Blockchain Talent
US, India, and China are the top three countries for blockchain talent. Among the top 10, Asian countries occupy four positions and Europe three.
Bengaluru, Delhi NCR, Hyderabad, and Mumbai are top cities for blockchain talent across software development, business analytics, cybersecurity, and management/consulting.
India and Canada have tremendous talent growth rates, at 106% and 122%, respectively. China’s growth rate is low at 12%, while skill demand grew 60% year-over-year.
Finance talent represents the largest proportion due to the crypto surge. However, demand for engineering, business development and sales, and IT jobs is growing. Test engineer job is experiencing the fastest growth rate.
However, technical talent has the biggest demand-talent gap. The blockchain industry is hassled by short tenure.
The average tenure of the top five talent types varies, with finance talent averaging 1.3 years, engineering talent averaging 1.1 years, business development talent at 1.1 years, and sales at 1.9 years.
There is a relatively rich variety of talent, but few people specialize in the blockchain. There is still a shortage of specialized talent, especially in development.
Additionally, blockchain companies are increasing their educational requirements, but female talent is scarce. The ratio of men to women is about 8:2.
Specialized positions need higher educational qualifications. With innovation and the introduction of blockchain-related subjects or courses to train professionals, educational requirements will further increase, and competition for talent will be fiercer.
Developing Blockchain Talent
Blockchain businesses are raising their requirements requiring organizations to rethink and reinvent talent standards to keep up with the trends.
- Due to increased turnover rates, organizations must refresh their vision and values and instill ambition in their workforce.
- Since technical talent is central to the industry’s focus and demand, it is essential to recruit top-core talent and develop their skills and potential.
- As demand for talent has surged, companies must actively build a global resource bank to create a strong talent pool.
Through decentralization, blockchain emphasizes liberty, ownership, and innovation. It infuses a system’s core with advanced security, transparency, and immutability. Stakeholders need professionals with deep knowledge to fulfill the demand for skill sets.
Talent intelligence platforms like Draup for Talent analyze recruitment funnels and workforce needs and deliver recruitment metrics to close the unemployment gap.
It enables talent management to use data for planning quality talent and preparing them with reskilling programs.