The average web3 developer pay in 2022 is expected to be enormous, but how enormous?
There is a growing interest in Web3 among programmers, some of whom are drawn to the technology because of the high pay that Web3 firms are giving, ranging from $70,000 to well over $230,000 per year.
To get a better idea of how much a Web3 developer makes, we'll compare the average compensation in the United States, India, Europe, and the rest of the world. We'll also try to find out what's behind these six-digit salaries.
A better understanding of Blockchain, DApps, and Web3 developers is needed to comprehend why so many people are making millions of dollars in the blockchain industry.
For some, learning to code in HTML/CSS/JS now would be like buying a Bitcoin when it was $10.
The most important information
Web3 developers often make between $90,000 and $150,000 per year.
Based on location, expertise, and position, wages for Web3 developers can vary widely.
High demand outweighs the low supply of Web3 developers, resulting in high salaries.
What does Web3 stand for?
Expressed, Web3 is a new version of the World Wide Web that incorporates concepts like decentralization, cryptocurrencies, and token-based economics into the common stack of technology used to construct apps (tokenomics).
Gavin Wood, Ethereum's co-founder, coined the term in 2014, and by 2021, the cryptocurrency community, huge tech corporations, and venture capital firms had all noticed.
Smart contracts are one of the primary components of Web3, which is built on the Blockchain. Let's look at what smart contracts are, how they contribute to DApp development, and why smart contract developers are paid so much.
Internet of Things (IoT) Smart Contracts
Immutable smart contracts run on a decentralized network. They are tasked with storing and reading data on the Blockchain, manipulating and updating it, and executing all of the logic in between to produce the required outcome (such as calling other smart contracts or performing calculations).
All tokens, such as bitcoins and NFTs, have a smart contract instructing them on what to perform.
There are two fundamental aspects of smart contracts,
- Are known in advance.
- They are indestructible and unchanging.
A deterministic process is one in which the result will always be the same no matter what the input is.
Smart contracts are considered security-sensitive because they must be thoroughly tested before being deployed to the Blockchain and cannot be modified once deployed. This means that any bug present at the time of deployment will be exploitable by anyone in a second.
Creating secure and dependable code that cannot be exploited after it is deployed is challenging and necessary because of the high compensation paid to smart contract developers because of immutability.
Decentralized applications rely heavily on the use of smart contracts (DApps). In some cases, a DApp's backend runs on one or more smart contracts rather than a server, and data is exchanged via RPC calls rather than HTTP ones.
Knowing what Web3 is and the role smart contracts play in DApp development gives us a better understanding of why salaries for Web3 developers are so high and what these numbers mean.
Why Do Web3 Developers Make So Much Money?
A large part of web3 developers' high salaries is due to the features available in these apps, such as smart contracts, security, front-ends, and cloud architectures. Web3 developers are in high demand, yet there is a very short supply.
There are an estimated half a million Web3 developers globally, compared to 32 million Web2 developers — 64 times more. Decentralized financing (DeFi) and decentralized initiatives and the growing popularity of Web3 have created an imbalance between demand and offer, which has pushed up the cost of finding and employing an expert web3 developer.
Blockchain and web3 developers are hard to come by. Hence the pay for web3 developers is expensive.
There are a lot of neat complications in smart contract construction, which necessitates expertise and experience.
Let's have a look at the typical wage for a Web3 developer.
Salary for Web3 Developers
To be explicit, the pay for Web3 developers varies widely, and this variation is due to three primary factors,
Role
Time Spent in the Industry and the Country.
A web3 developer's level of experience in the sector and other elements specific to their nation of residence all play a role in determining their compensation package, starting with the position the developer will hold within the company's pipeline.
However, the following are the lows, highs, and trends of the average Web3 developer income by country, as reported by glassdor.com and talent.com,
Because we're aggregating a wide range of Web3 professions with wildly differing pay, you can see that we go from a global low of $9,000, in China, to a global high of $230,000, in the United States.
Explore the many categories of Web3 developers and their average wages to comprehend this better.
Salary Ranges for Web3 Developers, Organized by Position
Aside from building smart contracts, Web3 development comprises a wide range of other specialists who work together to bring decentralized applications, protocols, and blockchains to fruition, just like in Web2.
Different blockchain development roles will naturally command different salaries,
Become a Web3 Developer Who Makes a ton of Money.
Front-end Web Developers Make the Most Money. Developers of the next generation of the Web.
Wage: $74,000 as a rule of thumb
Also known as RPC libraries, front-end web3 developers use RPC libraries like Web3.js and Ethers.js to construct the front-end of their DApps, unlike HTTP libraries used by web2 DApp developers.
UI and UX design skills are possible as well.
According to web3.career, the typical income for a Front-end Web3 Developer ranges from $78,000 in Europe to $180,000 in the United States.
Let's explore how the average Blockchain developer salary differs by country now that we know the four primary types of Web3 developers and why their average salaries are.
Europe's Average Pay for Web3 Developers
Blockchain engineers in Europe make an average yearly compensation of $73,300, ranging from $55,000 to a high of $91,000 for those with three to five years of experience.
Singapore Web3 Developer Salary
According to LinkedIn, the average salary for a Blockchain Developer in Singapore is $89,000 to $170,000.
Earnings for Web3 Developers in New York
With an annual pay of $137,000, New York Blockchain developers rank second only to gaming engineers in the city.
One of the most important aspects of a web3 developer's remuneration is their years of expertise.
Since the typical wage for a Web3 developer in the United States ranges from $121,000 to more than $250,000, working in this field offers the potential for a six-figure salary.
A web3 developer's income depends heavily on their years of expertise, yet it's startling to learn that even the most inexperienced engineers may command six-figure wages.
Shariq MisbahiPosted May 20, 2022, 8:46 AM
Seems next boom like blockchain