Talent and Client Base Grew by 2x
Welcome to our round-up for the past 12 months. It hasn’t always been easy given the turmoil in the crypto world, but LaborX has come through 2022 far more robust than it began the year. Here’s how the platform fared through some of the toughest times we’ve ever seen for crypto.
LaborX started the year with the commitment to continue its mission of making the gig economy more accessible than ever before, using crypto payments and smart contracts to facilitate access to a global employment market across the Web3 & blockchain industry, thereby driving cryptocurrency adoption.
This in turn helps freelancers, full-time job seekers, and employers connect with each other, organize work, and send funds safely and securely upon completion.
However, 2022 offered new opportunities as both freelancing and full-time roles across the Web3 space have developed rapidly over the past two years. Even with an ongoing bear market, which started after Q1 2022, and after many bankruptcies across CeFi and CEX players, there is still tremendous growing interest in Web3 & blockchain industry. The LaborX team is optimistic to provide cutting-edge solutions to connect talents with clients & businesses across the globe.
It’s estimated there are around 26.8 million developers in the world, but only about 18,000 developers in the whole Web3 space – just 0.07% of all devs. Given that one day in the not-too-distant future, all web developers will be Web3 developers, this presents an incredible opportunity for LaborX to scale up its operations and brand in the decentralized web space. It has been a priority this year to make LaborX the go-to platform for sourcing Web3 talent.
We have had two major goals in building out LaborX’s functionality this year. Firstly, our redesign of the platform in Q4 ensures that the UX is as smooth and intuitive as possible for our users – many of whom are not crypto natives. Secondly, we have complemented the Gigs and freelance Jobs modules with full-time Jobs, enabling organizations to recruit for permanent positions.
These updates, alongside continued strong interest in crypto freelancing, have driven remarkable growth for LaborX. In a year when the wider crypto markets suffered significant falls and a loss of confidence from both retail users, the results speak for themselves.
Clients | Service providers | |
End of 2021 | 4,703 | 39,688 |
End of 2022 | 10,373 (+5,670 / +121%) | 84,879 (+45,191 / +114%) |
Additionally, there were more than 1 million user sessions in 2022, up 43% on 2021’s 700,000 sessions.
There are two ways of arranging work on LaborX: Jobs and Gigs. Jobs allow employers to post specific tasks or vacancies they need to be filled. Users can then browse these and apply for them if they have the right skills and experience. Gigs are popular and clearly-defined tasks offered by freelancers, which employers can browse and purchase for a fixed price.
The number of Jobs offered by clients or employers showed similar rates of growth to user numbers.
Our records for the past 12 months show that employers posted a remarkably diverse selection of Jobs, with the top 10 categories including
Given our commitment to becoming a global hub for Web3 talent, it’s encouraging that employers’ top category was Blockchain & Crypto. Meanwhile, the top skills sought were:
Again, this demonstrates the reputation that LaborX has built as a leading source of Web3 talent.
While the growth of the Jobs market was encouraging, Gigs are by far the most popular means of offering and accessing work on LaborX, with an enormous range of services available.
In total, users offered 17,622 different Gigs across 23 different categories, with the most popular categories being:
LaborX is a global platform, and we have an incredibly diverse community of freelancers and employers. The top locations for users are:
In other words, the top five locations cover four different continents – pretty impressive! The next five countries on the list are Indonesia, Pakistan, India, the UK, and Brazil, with these 10 locations accounting for two-thirds of all users.
A recent survey of 3,600 Web3 professionals, who either work or have worked in the industry, suggests that the sector’s growth potential and flexibility are two of the main attractions for job seekers.
If the survey is representative, it bodes well for the growing Web3 industry. Three out of five (59%) of respondents are under the age of thirty, and over half were satisfied with their chosen career.
Separately, a forecast released by the Boston Consulting Group earlier this year predicted that the crypto community would grow to one billion people by 2030, indicating that Web3 is still very much in the Early Adopter phase. Another organisation, Emergen Research, estimated the size of the worldwide Web3 market at just $3.2 billion in 2021, projecting it would grow to $81.5 billion by 2030.
Over the next decade, then, we can expect exponential growth in decentralised technologies and assets. This growth is primarily driven by Millennials (those aged between around 26 and 41), who are both tech-savvy and have more disposable income than younger generations. More Millennials have invested in crypto than in mutual funds, which are more likely to be assets of choice for Gen X and Boomers. Millennials are also more likely to explore novel investment opportunities.
By positioning itself as a leader in the Web3 recruitment field, LaborX intends to remain at the forefront of the blockchain and decentralized movement, and reap the benefits of the industry’s continued growth. Here’s to 2023!
In the blockchain industry, Layer 2 solutions like zkSync, Optimism, and Arbitrum promise to enhance scalability and reduce transaction costs. However, while some projects thrive with high user engagement, many others struggle with low activity levels, highlighting a disparity in adoption and ecosystem vitality.
Read
LaborX is excited to announce that we’ve successfully integrated Optimism. With this development, freelancers on LaborX now have the ability to accept payments in $OP and explore other tokens within the Optimism ecosystem. In this article, we’ll review the basics of Optimism and take a quick look at the most prominent projects in its ecosystem.
Read
Adapting to decentralised structures and dynamic team configurations, HR teams experience a radical shift in the Web3 space. Human Resources must go beyond their traditional responsibilities as companies adapt to the new work paradigm to guide employees through the complicated waters of increased independence, teamwork, and community input.
Read