Enticed with the promise of working on the next big thing in technology, Web3, top talent from technology giants is migrating to popular Crypto companies like Circle and Polygon.
What the Web3 Hype is All About?
The very basis of Web3 is built on the proposal to transform the Internet by moving online services to new technologies like blockchain.
Extremely attractive compensation packages are luring tech executives to the crypto sector with the additional incentive of rapid growth.
Many executives from the AGFA tech giants (Apple, Google, Facebook, Amazon) are quitting for more lucrative jobs in the heady world of crypto-currency.
Polygon and Circle, popular blockchain platforms, have hired leading talent from Big Tech firms recently, with the pitch of being involved in the next big thing in tech, Web 3.0, or Web3.
Earlier this year, Ryan Wyatt from YouTube quit his job in order to head a new gaming studio from Polygon. Wyatt had joined YouTube in 2014 to spearhead a foray into game content, with the aim of competing aggressively with Twitch – a platform by Amazon.
Describing the opportunity presented by blockchain development as being early and exciting, Wyatt compared the present trend with the early days of video-sharing popularity.
The intense interest and excitement surrounding Web3 have served to attract some of the most brilliant minds in technology. The former Chief Marketing Officer of Facebook-owned Novi, Sherice Torres, joined Circle in January. Following suit was Pravjit Tiwana, who quit Amazon Cloud to join Gemini as Chief Technology Officer.
Also from Novi, David Marcus, handed in his resignation last year. While undecided about his next move, Marcus has positive things to say about the emerging crypto market.
According to experts, these executives, and many more like them, are being attracted to the crypto universe largely due to its rapid growth.
Many people view the crypto market as compared to the way that Facebook and Amazon were viewed in the past.
The other thing that seems to be attracting top talent from big tech is the enormous amounts of money being offered to new hires.
According to industry sources, Coinbase, a bitcoin exchange, offers as much as $900,000 a year for software engineers. There are also more investments in crypto companies, which in turn translates to more cash to offer lucrative compensation packages to the best in the business.
This trend is not specific to the US alone. The UK and Ireland have also witnessed big-ticket transitions from AGFA to the crypto world.